Client bought $550 worth of items and immediatley gave them to a 501 (c) (3). I have always deducted this kind of gift as cash, not property. The acknowledgement letter he got, does not have a dollar value. I looked it up and the aknowledgement for a property gift does not require an amount but a cash gift does. I probably will put this gfit on Form 8283. Any contrary thoughts? Should all gifts of items bought for the purpose of a donation be treated as property or have I been doing it correctly as cash?
Charity how to handle
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Some suggestions
As you know form 8283 is for all non cash gifts over $500.Last edited by Brad Imsdahl; 09-16-2015, 12:44 PM.Always cite your source for support to defend your opinion -
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Thanks
There seems to be agreement to deduct as property. That is cool. Either someone convinced me that when you buy something to donate you treat as cash or I made this up. ThanksComment
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