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ID Form 8283: What You Should Know
S. Citizen or a resident Alien; and The amount of the noncash contribution. How is the noncash contribution capitalized/accrued? If a donor makes a contribution to a qualifying charitable organization, the tax treatment of the contribution can depend upon: · Name and address of the donor; · Type (cash or noncash); · Date of donation; and · Whether the contribution is in cash or non-cash form, and whether it is noncash. What is a cash contribution? “Cash” includes any payment made (through personal check, check, or money order) by any person on account of the charitable contribution or which is expected to be received as consideration for the charitable contribution. What is a non-cash contribution? A contribution to a qualified charitable organization is a non-cash contribution. A non-cash contribution includes the gift of property such as the tangible property, labor or services of the donor or of the donor's personal property. Noncash contributions do not include any transfer of value that is made by a person directly to a qualified charitable organization. However, a non-cash contribution to a qualified charitable organization includes the portion of the gift that is subject to a substantial risk of forfeiture. For a gift of tangible property, this means that the gift is not property subject to the donor's right to rescind or that may be redeemed for cash. For a gift of personal property, this means that the gift is also not property subject to the donor's right to rescind or that may be redeemed for cash. For example, if a donor pays 500 for a used car, which is received by the donor in cash, the 500 is a noncash contribution. This is true even if the donor makes a 500 credit on his or her taxes. Can the contribution ever be considered non-cash if it is paid by check or money order? Yes. Contributions paid by check or money order to qualifying organizations are non-cash contributions. Note that the 500 paid by the donor is a non-cash gift and not a taxable gift. The only way gifts of cash to a qualified organizational are treated as non-cash contributions is if the donor specifically includes it in the form.
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