Form 8283 Dates

[Super Mom]

I have a client with an 1800 deduction for non-cash items prompting the 8283. I haven't done this form in years, explained to him that he needed to have an itemized listing of donations. I'm thinking when I did this form about 10 years ago that I put "various" for the purchase dates, is that still ok?

[Chief]

8283

Some software programs now will notallow you to use various. I always make a person have receipts for the donations. They alsocan give you some idea of the dates acquired.

[taxxcpa]

Various

My software allows "various" as the date acquired.
Also, the form itself says the date acquired is not required if the amount is under $ 500.

[Super Mom]

You mean receipts for the original purchases? This was someone moving and gave TV's, clothes, furniture, etc. They have the receipt for the donation and have an idea of the purchase dates, but of course it was not all bought on the same day!

[Gretel]

Since you can categorize similar things into one category it should be fine to either have "various" or, if software doesn't allow, to just pick one date.

[Super Mom]

My software does allow for "various" and the e-file was created fine with that. I figured the items to be at about 1/4 there original value, making the original value 4 times, sound ok?

I'll be sure to let the taxpayer know all things and make sure he has an itemized listing and will refer him to the Salvation Army Valuation guide as a guide to be sure his values are right. Is there anything else I need to do?

[spencer]

I generally enter

"household goods, clothing, misc. various for the date...no matter what the amount. No problems yet. 1/4 sounds like the high side of ok, but that's just me. Items should be in "good " shape accoring to the IRS.

[DaveO]

I can't believe you don't have to file this form more often. I must do 100 per tax season. We stopped including the valuation guide in our organizer package thinking that would help but now we get calls for the guide.

[Burke]

Me too. I am handing out the valuation guide from TTB to a lot of clients, especially the ones who tend to overvalue. I feel the date of purchase on the 8283 is relevant only for a particular item like stock shares, or a large item like a piece of furniture, painting, etc, OR if it is NEW I put it down, The cost basis is provided if it can be determined. If those valuations appear out of line, it might generate a look. I use "various" for the majority of things. Frankly, I think it is one of those useless forms that just generates work. Maybe if the floor were higher, say $1,000. How long has it been $500 anyway? As long as I can remember, and that's a long time.

[Super Mom]

I think alot of taxpayers are scared to go over 500 because of the form, but they shouldn't be if they have a legitimate deduction. I was aware of the "money for used clothing" booklet I used years ago, but I didn't know TTB had a valuation guide--is it expensive?

[Super Mom]

Oh, I see in TTB's products the donation tracker, maybe I should consider that next year, I have alot of clients who say "I'm sure its more than 500 but let's keep it under that so we don't have to do the form".

[BP.]

I have alot of clients who say "I'm sure its more than 500 but let's keep it under that so we don't have to do the form".

Wow, that contrasts with my experience -- I don't think most clients even really know or think about this form -- just have a fistful of Goodwill reciepts and want to maximize any tax benefit from their donations.

[Burke]

I think alot of taxpayers are scared to go over 500 because of the form, but they shouldn't be if they have a legitimate deduction. I was aware of the "money for used clothing" booklet I used years ago, but I didn't know TTB had a valuation guide--is it expensive?

Actually I was talking about page 4-2 in TTB Deluxe.