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Form 8283 Texas Dallas: What You Should Know

Form 8283, Noncash Charitable Contributions — IRS tax forms are filed using the noncash designation, thus, the donation form can only be used to make charitable contributions, not to assess the value of tax-exempt securities or tax-able events. Charitable donation deductions from a capital loss item are limited. Noncash Gift Certificates May 31-Jul 2024 — Forms 8283 and 8783 are also used by the charitable organization to claim a donation of noncash gift certificates. These are gift certificates issued to the recipient by the donor which may be redeemed and used to make a donation. The gift certificate is deemed to be a noncash gift. The charitable organization and the IRS should not be confused that you can only deduct a gift from a capital loss item. The IRS will look at both the original and new assets transferred under the gift certificate. However, these two items have nothing to do with each other. The donor has no taxable gain or loss in giving the gift, whereas the charitable organization will have a taxable gain or loss. Example: Let's say that you own a house which you are selling. You have 200,000 in the bank and will sell the house for 300,000. You use your 200,000 from the bank to purchase a 100 gift certificate for a person who has no capital loss from selling the house. The gift certificate, which you will redeem for the cash value of the house, is a noncash gift and the sale proceeds are taxed at 100.

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