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Charitable Contributions

• The IRS has made a change in its Internal Revenue Manual that will be of interest to churches and church members. As noted in previous issues of Church Law & Tax Report, donors who make contributions of noncash property valued at more than $500 to churches (or other charities) must attach a Form 8283 to their federal income tax return (Form 1040) on which the charitable contribution deduction is claimed. In addition, if the claimed charitable contribution deduction is for more than $5,000, the donor must obtain a "qualified appraisal" and complete the appraisal summary portion of the Form 8283. A church must file a Form 8282 (donee information return) with the IRS and with the donor if it sells or otherwise disposes of donated property valued by the donor at more than $5,000 within two years of the date of the contribution. A new provision in the Internal Revenue Manual (section 4175.2) ...

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Posted:
  • March 1, 1988