Form 8283 - Fair Market Value

Fair Market Value (FMV)Although the amount of your deduction determines if you have to file Form 8283, you also need to have information about the FMV of your contribution to complete the form. FMV is the price a willing, knowledgeable buyer would pay a willing, knowledgeable seller when neither has to buy or sell. You may not always be able to deduct the FMV of your contribution. Depending on [...]

Form 8283 Property - Description

Information on Donated Property Describe the property in sufficient detail. The greater the value, the more detail you must provide. For example, a personal computer should be described in more detail than pots and pans. For a vehicle, give the year, make, model, condition, and mileage at the time of the donation (for example, "1963 Studebaker Lark, fair condition, 135,000 miles"). If you do [...]

Form 8283 - Noncash Charitable Contributions

You must file Form 8283 if the amount of your deduction for all noncash gifts is more than $500. For this purpose, "amount of your deduction" means your deduction before applying any income limits that could result in a carryover. The carryover rules are explained in the 2019 Pub. 526. Make any required reductions to fair market value (FMV) before you determine if you must file Form 8283. See [...]

Property Details - Convention - Form 4562

The applicable convention determines the portion of the tax year for which depreciation is allowable during a year property is either placed in service or disposed of. There are three types of conventions. To select the correct convention, you must know the type of property and when you placed the property in service. Half-year convention This convention applies to all property reported [...]

Property Details - Method - Form 4562

https://www.irs.gov/pub/irs-pdf/i4562.pdf Applicable depreciation methods are prescribed for each classification of property as follows. However, you may make an irrevocable election to use the straight-line method for all property within a classification that is placed in service during the tax year. Enter "200 DB" for 200% declining balance, "150 DB for 150%" declining balance, or S/L for [...]