IRS releases revised Form 8283, noncash contributions - KPMG United States
close
Share with your friends

IRS releases revised Form 8283 for noncash contributions

IRS releases revised Form 8283, noncash contributions

The IRS has posted a draft Form 8283, “Noncash Charitable Contributions,” that contains changes to the current version of the form—changes that reflect final regulations released last year on the substantiation and reporting requirements for charitable contributions of certain types of property and eliminate lingering uncertainty as to the applicable requirements.

1000

Related content

The draft version of Form 8283 [PDF 148 KB] has a “watermark date” of August 9, 2019, and includes cautionary language that it is not to be relied upon for filing purposes and is subject to change and to OMB approval before being officially released.

Background

Last year, Treasury and the IRS released final regulations (T.D. 9836) concerning the substantiation and reporting requirements for cash and non-cash charitable contribution deductions. Read TaxNewsFlash – Exempt Organizations

Among other things, the final regulations provide that, in the case of contributions of more than $5,000, Section A (rather than Section B) of Form 8283 may be completed for contributions of certain inventory, intellectual property, publicly traded securities, and qualified vehicles. Section A is less onerous for donors than Section B in significant part because it does not require a signature by each donee.

The current Form 8283 instructions—which provide that Section B of Form 8283 needs to be completed for contributions of inventory, intellectual property, and qualified vehicles—conflict with requirements in the final regulations. 

Changes in draft version of Form 8283

The draft version of Form 8283 confirms that the IRS intends to update Form 8283 and accompanying instructions to reflect the final regulations.

Specifically, the header to Section B in the draft version of Form 8283 provides that Section B is to be completed for “Donated Property Over $5,000 (Except Publicly Traded Securities, Vehicles, Intellectual Property or Inventory reportable in Section A),” making clear that the kinds of property listed in the parenthetical are to be reported in Section A rather than Section B. This is in contrast to the header to Section B in the current version of Form 8283, which states only “Donated Property Over $5,000 (Except Publicly Traded Securities).”


For more information, contact a tax professional with KPMG’s Washington National Tax practice:

Ruth Madrigal | +1 202 533 8817 | ruthmadrigal@kpmg.com

Preston Quesenberry | +1 202 533 3985 | pquesenberry@kpmg.com

Randall Thomas | +1 202 533 3786 | randallthomas@kpmg.com

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

Request for proposal