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Mesa Arizona Form 8812: What You Should Know
In the case of a gift or donation of property or a series of gifts of property other than real estate, a donor may also be eligible to take into account the fair market value of tangible personal property, such as furniture, clothing, and other gifts of value to the donor such as cash or services that have been provided or rendered to the donor. Noncash charitable contributions may be tax-deductible even if they fall outside the maximum 500 (2,500 for the first two 2023 gifts, and 5,000 for any other 2023 gifts of property). An eligible donor who The following examples illustrate the possible deduction (if applicable) that can be taken off the donor income tax bill and the amount of tax it can potentially save the donor. Noncash Charitable Deductions Example I. A donor makes a 1,000 donation to The Connecticut Red Cross Fund and claims a 300 deduction. The Red Cross determines that the fair market value of the donation (1,000 – 300) is less than 500, the 500 limit does not apply to the contribution. Example II. A donor makes a 1,000 donation to the American Cancer Society and claims a 300 deduction. The American Cancer Society determines that the fair market value of the donation (1,000 – 300) is less than 1,000, and the 1,000 thresholds does not apply to the donation. Examples of a 2,500 Noncash Charitable Deduction In the example above, the 1,000 noncash gifts to the American Cancer Society is more favorable than the 300 noncash donation to the Connecticut Red Cross Fund, because the value of the donations is more in line with the charitable deduction amount (2,500 rather than 100 for a 1,000 noncash donation). In contrast, in the 1,000 donated to the American Cancer Society, the “fair market value” of the donation is much less than the 300 contribution to the Connecticut Red Cross Fund because the contribution is in excess of the 500 contribution limit (2,500 instead of 2,000). A donor can take this distinction to his tax return to take a tax benefit for the noncash donation that is not available to a donor who makes only a cash gift.
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