Non cash charitable donations

[larryeischen1]

is there a form required for non cash donations?

[CarolynM · Accepted solution]

Yes, there is tax form 8283 for non cash contributions exceeding value of $500. 

This is to ensure that the value reported is accurate. Non-cash items are valued at the fair market value on the date of the donation. 

For more information, follow this link: https://www.irs.gov/forms-pubs/about-form-8283

[rseppala007]

How do I enter a non-cash charitable deduction of over $500 in It's Deductible?

[vanminhcao]

How to enter a non cash property donation of $100,000 to a 501(c) (3). Thanks

[vanminhcao]

How to enter  in turbo tax software a property donation of $100,000 to a 501c3

[MarilynG1]

To enter a Charitable Donation of property in TurboTax:

• Click on Deductions & Credits
• Click on "I'll choose what I work on"
• Scroll down to "Charitable Donations"
• Select "Donations to Charity "
• On the "Lets enter your donations one at a time", enter the charity name and click on Add next to "Items"
• Indicate "I'll Value Them"
• Enter the details of your land donation
• For "Choose a category for this donation" Indicate "Real Property -not conservation property"
• Enter a Description, Value, and method of valuation

The basic rule is that your contributions to qualified public charities, colleges and religious groups generally can't exceed 60 percent of your Adjusted Gross Income (AGI).

• If you have owned the property more than a year, you can deduct its full fair market value and escape income tax on the appreciation.
• For property held one year or less, IRS only allows you to claim a deduction on the price you paid for it.

Click this link for more info on Charitable Contributions.