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Abilene Texas Form Instructions 8283: What You Should Know

The description you provide should be accurate and complete. In most cases, you will need to use a qualified appraisal. 2. Do not include any information that is not normally provided with a qualified appraisal, such as a check sheet or schedule. A qualified appraisal includes information such as the identity of the appraiser, the appraisal method (standard, computer, or mechanical), the amount of the appraised damages, and the date an estimate was prepared. 3. If the property is more than two lots of the same kind, each lot should be appraised separately. This will allow an appraisal to be performed on both lots. 4. Do not describe the condition of the property unless you performed a full property description. 5. Do not give a value in the amount of the charitable deduction for donated property. A qualified appraisal with a value of 300,000 or less is sufficient to identify the donation as being for qualified use. 6. Do not indicate any special consideration for the property. 7. Estimate the value of the property by using either an income statement or the cost method. Do not include any depreciation or amortization expense in the amount of the estimate. 8. Do not list values for property included in the gross income of your organization. See Instructions for Schedule E (Form 990). Part II. Form 8283 Instructions—If you are making a distribution, complete all of these instructions. 9. A. On line 1, indicate the date the disposition is for nonqualified use. Include amounts received in the month and year that follow the date the disposition was made. 10. On line 2, complete all the following information: 11. Line 4a: The date the item received or disposed of (or, if the date varies, the date you first received or disposed of the item). 12. Line 5a: The fair market value (FMV) of the item. 13. Line 6a: The FMV at the time of disposition. 14. Line 7a: The tax basis at the time of disposition. 15. line 8a: The tax on disposition is one of the following: 16. The amount of the capital gain, if any, is shown at the amount shown on line 8a in the table at the end of this section. 17. The percentage of any adjusted basis or capital gain, if any, that is shown at the amount shown on line 8a in the table at the end of this section. 18.

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