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Form 8283 Illinois: What You Should Know

If you provide all the required information on the form, you won't need to submit Form 8283 with your tax return, but be sure that you fill out the correct tax form For more information about Non-cash donations, see IRS Publication 3, Charitable Contributions. Section B. Donated Property of Less Than 5,000 — Form 8283, Form 8283–EZ, Form 8283’S The donation must be made to the Epilepsy Foundation to be exempt from federal income tax. For Non-Cash gifts valued at between 500 and 1,500, the noncash gift will be treated as a cash gift on tax return and Form 8283 is not required. For gifts valued at 1,500 or more, the cash gift must be itemized on Form 8283, which must be accompanied by an IRS approved Form 8283EZ. If a gift of property is made between a non-U.S. person and an individual or corporation (other than a domestic corporation), the itemized gift must be itemized on the Form 8283 and must be used for a specific charitable contribution. If a gift of property is not itemized on Form 8283 and the value exceeds 500, the noncash contribution will not be exempt from tax for federal income tax purposes. As with Form 8283, you may have to furnish additional paperwork. The IRS  For more information about Non-cash gifts, see IRS Publication 3150. Section C. Deductible Gifts Made on or After November 1, 2017—Section 6211(a) You must itemize all gift tax deductions even if you don't itemize for federal tax purposes.  If you itemize for federal tax purposes, you must complete Schedule A (Form 1040 or 1040A) and Form 1040NR. The Schedule A is a summary of all tax deductions, so the IRS may ask for additional information regarding the donation in some cases. As with any other itemized deduction, the amount must be the least of the dollar amount paid or the fair market value of the property. The value may be the fair market value of similar property and the amount paid may be adjusted after the deduction is made for any deductible expenses. The Form 1040 is due by January 31 of the following year's tax year, but may be amended prior to that date. The Form 1040 may be submitted to the IRS on paper or electronically.

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