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Irs 2021-2024 8283 Form: What You Should Know

Instructions for Form 8283 (Rev. December 2021) — IRS Purpose of Form. You can claim a deduction for amounts you spend to purchase qualified education property that were donated to you and are listed in the following table. The amount of the deduction is your fair market value of the qualified education property. Tax ability. If, for instance, you are providing a college tuition waiver (a scholarship) on the basis of the qualified education property you purchased, then you can claim the tax deduction on that scholarship. See Publication 970 for more information about qualified education property. Also see Publication 526 for more information about tax benefits you may be entitled to for qualified education property purchased on your behalf. If you purchased a residential property in a tax-free zone, and the property is listed in one of the tables below, the amount of the charitable contribution deduction cannot exceed your basis in the property, which in this case is your payment for the property. Form 741/Form 8086-EZ (or equivalent). If the property is in a tax-exempt zone, use the equivalent Form 741/Form 8086-EZ form to figure the deduction. Tax ability. If qualified education property is donated or pledged for a charitable benefit, report the donation in the first column of the Form 8283 return. Do not report the value of the property in the second column. If you are listed as the donor on the Form 8283 return, complete and execute Form 8283 and return the completed Form 8283 to us. Form 8284 (Rev. November 2018) — IRS To claim a deduction for property donated to you for a charitable purpose, the cost must be less than 5,000 or more than 5,000. If the amount donated is less than 5,000 and a group of related items is the same value, the donation to you is considered a contribution to the organization by the organization in its return for the tax year in which the item is donated. Otherwise, the contribution to you is a donation for the year. The following are examples of charitable donations not deductible in section 6032 of Form 8283. Example 1 You, John Q., donate an apple tree to the nonprofit community garden that you serve on a regular basis. The nonprofit community garden is listed in column E of your Form 8283. The annual fair market value of the apple tree is 2,850.

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