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Fontana California online Form 8283: What You Should Know

The non-cash charitable deduction is limited to the fair market value of donated property, which is the estimated market value of a gift or gifts of property which would be received but for the charitable activity for which the exemption was claimed. The fair market value need not be the original cost of the property, or any part of it. The term “goods” includes, but is not limited to, financial instruments, such as certificates of deposit (CDs), stocks, bonds, money orders, traveler's checks, and money orders, tangible personal property, including antiques, collectibles, and works of art. A donation of land and buildings, or an interest therein, is deductible only if the gift does not exceed the fair market value of the land and buildings. This limit on deductions is intended to ensure that donations of land and buildings are not unreasonably burdened by an increase in their value resulting from their having served as the site of nonprofit activities. Charitable contributions for personal use to qualified education expenses and certain other qualified non-business-related deductions are not subject to this limit. Form 8287, Noncash Charitable Contributions (Form 8283) If you are unable to use the Form 8283, you can download the free Form 8287 by contacting the IRS on its website at tax.gov/forms. If you are an eligible educator located outside the United States, please consult Publication 541, Contributions To Qualified Education Programs. IRS Form 8283: Noncash Charitable Contributions for Teachers who are eligible for tax relief through the Federal Unemployment Taxes Act (FTA) or the State Unemployment Tax Act (SEA) a tax deduction of up to 6,550 is available. Individuals receiving income from their teaching profession may be eligible for this deduction. To claim this deduction, prepare Form 8283, Noncash Charitable Contributions (Form 8283), and include it with your income tax return. Educational Services Grants If you are receiving educational services grants, fill in Form 8283 (with the supporting documentation that may include your tax return), and send it to the IRS for exemption on the same day. If you are enrolled in an eligible post-secondary educational program, a tax deduction of up to 1,875 is available for tuition and related expenses.

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