Churches that receive a contribution of noncash property may be required to file a Form 8282 with the IRS. Not many church leaders are familiar with this form. This article will provide you with the information you need to comply with this reporting requirement.
Purpose of the form. The purpose of Form 8282 is to ensure that donors do not claim inflated values for property they donate to charity.
When is the form required? Your church is required to file Form 8282 with the IRS if you meet certain conditions. The following checklist will help you to quickly determine if your church needs to file this form.
your church receives a gift of noncash property from the original donor
STEP #1. Did the donor present the church with a qualified appraisal summary (Form 8283, Part B) for signature? In general, any donor who claims a charitable contribution deduction of more than $5,000 for any gift of noncash property (other than publicly traded securities) to a church or charity must obtain a qualified appraisal of the donated property and then complete a qualified appraisal summary (IRS Form 8283, Part B). The appraisal summary is attached to the tax return on which the charitable contribution deduction is claimed. Churches receiving contributions of property valued by the donor at more than $5,000 must complete and sign Part IV of Section B of the donor's Form 8283 appraisal summary.