annual fund

IRS Form 8283

Donors of non-cash gifts valued at more than $500 must include with their tax return Form 8283, but need to fill out only Section A, unless the gift is worth more than $5,000, in which case Section B must be completed.

Reporting of Non-Cash Gifts

  Types of Non-Cash Gifts 
Section A
Section B
  Single item worth $501 to $5,000  
Yes
No
  Single item worth more than $5,000 
No
Yes
  Publicly traded securities worth more than $500
Yes
No
  Closely held securities worth $5,001 to $10,000 
Yes
(Parts I & II) 
Yes, but no appraisal required.
  Closely held securities worth more than $10,000 
No
Yes

When you are giving real estate, closely held stock or tangible personal property, worth more than $5,000 ($10,000 for gifts of closely held stock), you must be aware that you won’t get a deduction unless:

  1. You obtain a qualified appraisal not earlier than 60 days before the non-cash gift is transferred to Siena Heights University.  The appraisal must be made no later than the due date of the donor’s tax return.

  2. The appraisal is by a “qualified appraiser” (can’t be the donor, Siena Heights University or anyone connected with the donor or Siena Heights University).

  3. The donor files a completed Form 8283, with a Section B declaration and acknowledgment signed by the appraiser and Siena Heights University.  For gifts over $500,000, the complete appraisal must be attached to the tax return.

The appraisal requirements are listed in Form 8283, and they are iron-clad.  Both you and your appraisers must be cautioned that the IRS rules must be followed to the letter, else you will not get a deduction.  We have heard stories about appraisers from major accounting firms who believed they could take a casual attitude toward filling out the form.  Bad idea.

Download form 8283 here.