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Form 1065 CPA discusses IRS Form 8283 for Partnerships | 2012

CPA Wilmington NC discusses Form 8283 as an attachment to Form 1065.

Gary Bode CPA: I believe in documenting every aspect of Form 8283. For a free initial phone consult, please call 399-2705.

Form 1065 CPAs use Form 8283, Non-cash Charitable Contributions, when the Partnerships donates non-cash charitable items. Examples of such items include:

  • Conservation Easements; abuse of these gifts by developers, led to a $500 filing fee if the declared easement value is greater than $10,000.
  • Works of Art; here’s a link to our post on IRS valuation of charitable art donations.
  • The present value of the remainder interest ,in a charitable remainder trust, funded with non-cash property. Here’s our post on charitable remainder trusts.
  • Publicly traded securities.
  • Qualified vehicles.
  • LLC interests.

Unique Features of Form 8283

Form 8283 calculates the tax-deductible value for charitable items.  This can be subjective. And the IRS expresses ongoing skepticism over charitable contributions. So, the Partnership must essentially prove every aspect of the donation.

  • Section B, Part II of Form 8283 requires a Partner signature.
  • Section B Part III of Form 8283 requires an appraiser declaration.
  • Section B Part IV of Form 8283 requires a direct acknowledgement of receipt by the donee.
  • A copy of Form 8283 is given to every Partner whose Schedule K-1, from Form 1065, reflects the donation.

Form 1065 CPA Example Documentation for Form 8283

A good CPA looks at Form 8283 from the IRS perspective, to anticipate possible tax audit issues. For a donated vehicle, I would submit:

  • A Summary page of supplemental information attached, including my calculation of donated value.
  • Proof of the original cost.
  • The depreciation schedule for the vehicle.
  • An Internet print out of the blue book value.
  • A statement of receipt from the charitable donee.

Is this Form 8283 documentation overkill? Maybe, but it demonstrates a willingness for transparency and shows professional courtesy to the examining IRS agent.

We’re a CPA firm with a virtual office to serve your Partnership, where ever it’s located.

Please check some of our posts to better gauge our ability and proactive philosophy. We offer a free initial phone consult, for Form 8823 and/or Form 1065, at (910) 399-2705 .

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