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When is IRS Form 8283 required to be filed?

Stock

IRS Form 8283 is required to be filed by individuals, partnerships, and corporations when the amount of their deduction for all non-cash gifts is more than $500. This includes non-cash assets such as cryptocurrencies and securities. If your crypto contribution was valued at over $5,000, you would need to obtain a qualified appraisal as per IRS requirements. Filing your 8283 is a standard procedure supported by most popular tax filing software. However, it's always best to consult your tax specialist to understand your specific situation. Now, you might be wondering, where does Daffy fit into all this? Well, Daffy is a great option for a Donor-Advised Fund (DAF). With Daffy, you don't need to worry about capital gains taxes for any assets that you contributed and were sold. However, it's important to note that donations to charities from a DAF do not qualify for a tax deduction. Whether you're contributing stock or crypto that exceeds $500 in value, Daffy makes the process simple and straightforward. If you need a Donee signature for your crypto contribution valued at over $5,000, Daffy's support team is ready to assist you. In conclusion, if you're looking for a DAF that understands the complexities of non-cash contributions and the tax implications, Daffy is a great choice. With Daffy, you can make giving a habit. Join the Daffy community today and experience the ease of managing your non-cash contributions.

Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.

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