Contribution Questions

[Joe Failla]

Contribution Questions:

I donated computers, monitors, various computer hardware (mother boards, video cards, hard drives, modems, memory, CD ROMS, software, etc) that I no longer had a use for, to a recognized charity. The charity estimated the donation at approximately $3000.

Since the combined donation of computers and parts was over $500, but less than $5000, I am required to fill out Form 8283.

The form is asking for the following:

· Date acquired

· How acquired

· Donors adjusted basis

· Fair market value

· How determined

My contribution was made up of at least 30 computer related items, and all types of computer parts. I obtained them over the years in many ways, such as purchase, gifts, or if someone no longer wanted it, they just gave it to me. To that end…………

· I have no idea how to determine the dates I acquired these items

· I do not remember how I acquired each one specifically.

· I could not put a specific price tag on each to determine what the basis was new or when I received them

· Fair market value ($3000) was determined by the charity that I donated them to.

(I’m assuming that the fair market value was estimated or determined by the charity, based on how valuable the donation was to the particular charity that needed the items).

Can someone please help me answer these Form 8283 questions properly?

Also, should I attach the letter I received from the charity acknowledging the donation, along with the entire list of items? Am I required to?

Thanks!

 

[loku]

Contributions

First of all, the deduction for contributions is limited to the lesser of the value at the time of contribuytion and your adjusted basis.

Your basis for gifts you receive is the lesser of the value of the article at the time of gift or the donor's adjusted basis.

In general, your basis for other items is your cost, less depreciation, if any.

My guess is that you will not be able to establish much of a deduction for these items, because you have no records to back it up, and that is a requirement.

Just answer each question as truthfully as you can. For example, if there is a series of items and you do not know exactly when you got them, answer by giving the best period of time you can.

Your alternative is to see a CPA or other tax expert about this and get that person to fill out the form.