How do I populate Form 8283, page 1, column (g) Donor's cost or adjusted basis, when the amount claimed as a deduction is $500 or more in ATX™?
Form 8283, page 1 column (g) will or will not populate depending on the date entered in column (e) Date acquired by donor, and the tax year.
For example in tax year 2018, column (g) Donor's cost or adjusted basis will not populate if the date acquired by donor is noted as "Various" or 12 months or more. It will only populate if the date acquired is less than 12 months.
IRS instructions for Tax Year 2018
Column (g). Do not complete this column for property held at least 12 months or publicly traded securities. Keep records on cost or other basis.
Note. If you have reasonable cause for not providing the information in columns (e) and (g), attach an explanation.
IRS revised the rules in November 2019.
Column (g). Do not complete this column for publicly traded securities held more than 12 months, unless you elect to limit your deduction cost basis. See section 170(b)(1)(C)(iii). Keep records on cost or other basis.
Note. If you must complete columns (e), (f), and (g) but have reasonable cause for not providing the information required, attach an explanation.
Note: Column (e). Enter the approximate date you acquired the property. If it was created, produced, or manufactured by or for you, enter the date it was substantially completed.
If you are donating a group of similar items and you acquired the items on various dates (but have held all the items for at least 12 months), you can enter “Various.”
For publicly traded securities, enter only if you held the securities for more than 12 months.
- Beginning in 2020 the cost will populate whether or not the date acquired is more than or less than 12 months, or if using Various, except for publicly held securities held more than 12 months.
Additional Information
Para obtener la versión en español de este artículo de Knowledge Base, haga clic aquí: ¿Cómo completo el Forma 8283, página 1, columna (g) Donor's cost or adjusted basis, cuando el monto reclamado como deducción es de $500 o más?
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