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On form 8283, is the $5000 limit total? Or is it per type of…

On form 8283, is...

On form 8283, is the $5000 limit total? Or is it per type of item? For example, could one have a group of similar items as "clothing" valued at $3500, and say "furniture" valued at $3500, with no single item being over $500 value, and still be able to use just Section A?

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Answered in 3 minutes by:
3/18/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,997
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

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From the instructions (I'll underline the pertinent part: "Use Section A to report donations of property for which you claimed a deduction of $5,000 or less per item"

...

They do give the caveat of SIMILAR items.

...

This is defined on page 2:

...

"Similar items of property are items of the same generic category or type, such as coin collections, paintings, books, clothing, jewelry, nonpublicly traded stock, land, or buildings. Example. You claimed a deduction of $400 for clothing, $7,000 for publicly traded securities (quotations published daily), and $6,000 for a collection of 15 books ($400 each). Report the clothing and securities in Section A and the books (a group of similar items) in Section B."

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In your example, you'd use only section A because both are a group of similar items under $5000

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

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I hope you’ll rate me based on accuracy and thoroughness, rather than any good news / bad news content

But again, let me know if you need more here,

Lane

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Customer reply replied 1 month ago
Thanks for your quick answer… So I take it I could have even three or four groups as long as they were similar say books furniture clothing get each totaled $4900 in total and that would work… None of which are over the $5000 limit for similar items…

That's exactly right.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,997
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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