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Returning Member
posted Sep 28, 2024 1:49:28 PM

How to claim donated real estate?

I donated my condo, the appraised value is $280,000.  How do I claim on taxes?

0 6 3664
6 Replies
Level 15
Sep 28, 2024 2:05:49 PM
Level 15
Sep 28, 2024 2:30:25 PM

If you donated this property to a qualified charitable organization, use this procedure in TurboTax for reporting the donation

 

Click on Federal Taxes (Personal using Home & Business)

Click on Deductions & Credits

Click on I'll choose what I work on

Under Charitable Donations

On Donations to Charity in 2023, click on the start button

Returning Member
Sep 28, 2024 2:47:27 PM

The confusing part is do I just enter the value as cash?  

Level 15
Sep 28, 2024 2:58:08 PM

Where asked for the Type of Donation you select Items

Level 15
Sep 28, 2024 8:58:46 PM

the tax form you must use is form 8283. you need a formal acknowledgement form the charity. you need to know if it's a 30% charity or 50% charity.  check the IRS website below. 

https://www.irs.gov/charities-non-profits/tax-exempt-organization-search 

complete section B of the form if the value is over $5,000

then you must get a written qualified appraisal from a qualified appraiser. see 8283 instructions for the requirements of the appraisal/appraiser

https://www.irs.gov/pub/irs-pdf/i8283.pdf 

a copy of the original appraisal must be sent to the IRS. A PDF won't do. You can still e-file, however, because form 8453 should be complete by Turbotax with the 8283-checkmark box completed. read the Turbotax instructions for mailing it with a copy of the 8283 and appraisal. failure to do so will likely result in rejection of your e-filed return. alternatively, you can mail you return with the appraisal attached to the IRS. Be sure to use a tracking method. 

Level 15
Sep 28, 2024 10:01:00 PM

Note that you can't donate the use of the property, only the actual donation where the charity takes full title and can do what they want with the property.  

 

You need an appraisal signed by a qualified appraiser for the type of property you donated.  You also need a signed acknowledgment from a responsible official of the charity.  Both the appraiser and the charity official must also sign a copy of form 8283 that includes the donation details, and the original signed form 8283 must be mailed to the IRS after you e-file the rest of your return.  (Save a copy for your records, and use a mail service with tracking and proof of delivery).  You also need to know if the charity is classified as a "50% charity", 30% charity, or 20% charity, under the tax regulations. 

 

Depending on your other income and the type of charity, you might not be able to claim all the value this year, and have to carry it forward to next year.

 

For the dollar amount you mention, you might want professional help to make sure everything is correct.