Who needs to file an IRS Form 8283?


IRS Form 8283 is required to be filed by individuals, partnerships, and corporations who have made non-cash charitable contributions exceeding $500 in value. This includes contributions of 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 an IRS Form 8283 is a standard procedure supported by most popular tax filing software. However, it's always best to consult with a certified tax professional to understand your specific situation. Now, you might be wondering, where does Daffy fit into all of this? Daffy is a Donor-Advised Fund (DAF) that allows you to make non-cash contributions such as cryptocurrencies and securities. One of the great advantages of using Daffy is that 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 like Daffy do not qualify for a tax deduction. But don't let that deter you. Daffy is a fantastic option for a DAF, especially if you're looking to contribute non-cash assets. If you have any questions or need assistance with your IRS Form 8283, Daffy's support team is ready to help. You can reach them at support+8283@daffy.org. Remember, making charitable contributions is not just about tax deductions. It's about making a difference. And with Daffy, you can make giving a habit. So why not get started today?

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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