Understanding Form 8282 – Donee Information Return

Form 8282 is a tax document that plays a crucial role in ensuring proper reporting of charitable donations involving the sale of donated property. This form is used by donee organizations to inform the IRS about the sale of property that was donated to them within three years of receiving it.

Key Features of Form 8282

Form 8282 requires the donee organization to provide detailed information about the donated property, including the date of receipt, the date of sale, the sale amount, and details about the property itself. The form needs to be filed with the IRS within 125 days after the sale of the donated property.

Filing and Compliance Requirements

Donee organizations must file Form 8282 if they sell donated property within three years of receiving it and if the total sales proceeds exceed $500. Failing to file this form or filing it late can result in penalties imposed by the IRS.

Penalties for Non-Compliance

Non-compliance with Form 8282 requirements can lead to monetary penalties for the donee organization. Penalties can include fines based on the sale price of the donated property as well as potential loss of tax-exempt status for the organization.

Importance in Tax Resolution and Financial Compliance

Form 8282 is essential for maintaining transparency in the reporting of charitable donations involving the sale of property. It helps the IRS track the flow of donated property and ensures that organizations comply with tax regulations. Properly completing and filing Form 8282 is crucial for both donee organizations and the IRS in upholding tax compliance and financial transparency.