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Form 8283 for Orlando Florida: What You Should Know

Donation to Charity on Form 8283 Donor's non-cash contributions of over 500 (unless you have a federal tax exemption or are a charitable organization) should be added or deducted on Form 8283, Form 1065, Schedule B, or Form 1065-EZ. There are a lot of options, here is how it goes down in your city. Example—City of Orlando—Tax Deductions for Charitable Contributions Your city has a 400,000 limit for charitable donations. You are a part-time employee and donate 15,000. You need to determine exactly how much you are giving, here are the options. Option 1—500-2,000 (10,000 × 15 hours) This option would calculate the 500 in donations to be added to your city's 400,000 limits. Option 2—500-5,000 (30,000 × 15 hours) This option would do the same as option 1, except subtract the remainder of your donations, of 1,000. Option 3—500-10,000 (50,000 × 15 hours) This option calculates exactly how much you donated and subtracts the remainder. This is the option you should choose. Non-cash donations of over 5,000 are not deductible on Form 990, W2, IRS Form W-2, or Schedule C. Form 40D Non-cash donations of greater than 10,000 (unless you have a federal tax exemption or are a charitable organization) can be deducted either using a Schedule A with all the correct items, or a separate Schedule 40D with just the proper item. If you are able to get a section 471 deduction for these non-cash donations (a deduction that can be over 10,000), you can deduct 500 from Schedule A and 500 from Schedule 40D. There are certain rules that apply when calculating this amount, so you will need to contact a local tax professional. If you do use a Schedule 40D, you need to consider the date of contributions and then work your way through the itemized deduction on the Schedule 40D. The easiest way to figure all the deductions on Schedule 40D is to use the Schedule 40D instructions, which can be found on IRS.gov.

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