What Is Form 8282: Donee Information Return (Sale, Industry, or Disposition of Donated Property)?
Form 8282: Donee Information Return (Sale, Industry, or Disposition of Donated Property) is an IRS tax form used by donor organizations to file the sale or disposition of charitable deduction belongings—fairly then money and publicly traded securities—to each and every the IRS and to donors. Form 8282 is used by each and every the original team and the successor organizations that received a piece of belongings (if the property is disposed of within 3 years of the original donation).
Key Takeaways
- Unique and successor organizations that received a piece of belongings use Form 8282 if the property is disposed of within 3 years of the original donation.
- A donor team is topic to a penalty if it neglects to file Form 8282 within 15 days of a donation, if it fails to include all very important knowledge on the filed form, or if the information provided on the form is unsuitable.
- There are two occasions when an organization does now not need to file Form 8282.
Who Can File Form 8282: Donee Information Return (Sale, Industry, or Disposition of Donated Property)?
Unique donee and successor donee organizations should file Form 8282 within the tournament that they advertise, exchange, consume, or eliminate charitable deduction belongings (or any portion) within 3 years after the date the original donee received the property. The original donee is the main donee to or for which the donor gave the property. The successor donee is any donee of belongings fairly then the original donee.
The IRS considers charitable deduction belongings to be any donated belongings (apart from money and publicly traded securities) donated by way of the donor to quite a lot of donee organizations if the claimed worth exceeds $5,000 in line with products (or team of an an identical items).
The original donee may be required to sign Form 8283, Noncash Charitable Contributions, Phase B Donated Property Over $5,000 (Except for Positive Publicly Traded Securities), presented by way of the donor for charitable deduction belongings.
Exceptions for Form 8282: Donee Information Return (Sale, Industry, or Disposition of Donated Property)
There are two occasions when an organization does now not need to file Form 8282. The principle occurs when the item being donated has an appraised worth of not up to $500. Alternatively, there may be once in a while confusion about how you can handle items that constitute a collection, and whether they should be treated in my opinion or collectively.
For instance, an organization is donating 4 place settings of fine china with the identical construction. Every explicit individual place setting has an appraised worth of $300. So, given that the cost of a place setting is beneath $500, does the donee have to provide a Form 8282 to the successive team? The answer is certain. Since the place settings have the identical construction and are being donated to the identical recipient, they are thought to be a collection, or one products with an appraised worth of $1,200. In a similar fashion, all shares of non-publicly traded stock are thought to be to be one products.
The second exception to filing a Form 8282 is if the donated items are disposed of or dispensed in pleasing an organization’s purpose as a tax-exempt entity. Examples include college supplies dispensed by way of an education-related charity or medical supplies provided by way of a tax-exempt relief team for disaster victims.
Form 8282 is available on the IRS internet web page.
Recommendations on the best way to File Form 8282: Donee Information Return
The original team that received the property (the original donee) should provide Form 8282 to the successor team that is now receiving the property (the successor donee). The original donee should entire Working out Information, Phase I (traces 1a-1d and, if suitable, traces 2a-Second), and Phase III. The successor donee should entire Working out Information, Phase I, Phase II, and Phase III.
A copy of Form 8283, which used to be as soon as signed by way of the donor at the time of the donation to the original team, should also be provided within 15 days of the disposition. The successor team should provide the original team with a file outlining the date the transfer of belongings used to be as soon as received, and the original donor should be provided with a reproduction of Form 8282.
You should mail Form 8282 to this handle: Department of Treasury, Inner Source of revenue Supplier Heart, Ogden, UT 84201-0027.
A donor team is topic to a penalty if it neglects to file Form 8282 within 15 days of a donation, if it fails to include all very important knowledge on the filed form, or if the information provided on the form is unsuitable. The penalty in the ones cases is usually $50 in line with form. Any donor team that fraudulently identifies the exempt use of tangible personal belongings that used to be as soon as purchased, exchanged, or in a different way disposed of is topic to a $10,000 superb.
If an organization sells or disposes of belongings inside the kind of a motor car, boat, or airplane, it should consult with IRS E-newsletter 526 for more information.
