Form 8283 ?

[Kram BergGold]

Client and siblings gave a $30k item to charity. They got it apprasised and the appraiser filled out form 8283. As there are 8 people involved each person's share is under $5,000. It seems to me that since my client's contribution is under $5,000 that I prepare a new Form 8283 Part A and do not attach the 8283 prepared by the appraiser. Agree or Disagree?

[appelman]

I'd agree.

It seems unlikely that the IRS will assemble all the pieces and complain, but if they do, you can always send the appraisal later.

[KathMorgan]

I also agree

However, as Evan pointed out, the IRS might come back later wanting documentation. So make sure you have the original appraisal and whatever document (I'm assuming some kind of inheritance document) that breaks down the percentages of ownership and basis. I think you will end up using them.

[FEDUKE404]

More info perhaps

Working within the realms of client privacy, exactly WHAT was the $30k donation and its history?

Although I do not know the answer (and it's too darn hot to spend time digging around!) is there any possibilty that the relevant reporting / appraisal rules would apply to the TOTAL size of the gift (~$30k) instead of to the "share" of same for each individual (~$3,750) ??

This kinda gets back to my original question: EIGHT people own something worth $30k? Perhaps an estate???

FE

[taxea]

Working within the realms of client privacy, exactly WHAT was the $30k donation and its history?

Although I do not know the answer (and it's too darn hot to spend time digging around!) is there any possibilty that the relevant reporting / appraisal rules would apply to the TOTAL size of the gift (~$30k) instead of to the "share" of same for each individual (~$3,750) ??

This kinda gets back to my original question: EIGHT people own something worth $30k? Perhaps an estate???

FE

I would input the full 30K and then adjust it out and also include a statement of explanation. This will probably have to be resent to the IRS especially if the return is efiled. Does the letter from the charity and the actual apprasial have all 8 names on it? I don't understand why the appraiser filled out the F8283.

[Gary2]

I would input the full 30K and then adjust it out and also include a statement of explanation. This will probably have to be resent to the IRS especially if the return is efiled. Does the letter from the charity and the actual apprasial have all 8 names on it? I don't understand why the appraiser filled out the F8283.

Using the F8283 as an appraisal report seems to be a common practice. I've seen it done in extremely simple cases (donations of stock to charitable funds), even though the typical electronic filer will need to re-enter it.

It seems like a good practice and good service.