Video instructions and help with filling out and completing Where Form 4797 Charities

Instructions and Help about Where Form 4797 Charities

Inside a report on Wednesday's on Wednesday and so here you are and I'm here on Wednesday yes you're here on Wednesday so because it is the Wednesday Candace happens to be at the mud club party well I well I'm always at the mud club parties can you believe the donuts that the girls brought in I believe they're dirty dirty they're in more than one place yes fancy Dan and then and then and then there's fruit and there's cookies the banana Rhys has bananas and there's cookies in the front and I haven't been to the back yet to see what else we have yeah we've got some more back there I'm gonna have to go look yeah some different kind of maple bars they're not maple bars sir they're they're chocolate and then white frosting blonde I'm on what would be normally be a maple bar I've never seen that before no neither have I but I haven't seen her today either well they could all be gone by now that's back there though you know where the kitchen is so head back there and see if you can find it now what was the subject today for the insider report we have been doing a series of what flows into the schedule a itemized deductions mm-hmm and there's at least three forms and it flow into the schedule a and we've covered him you can go to the website and listen to the last two and today we're gonna talk about another one that has to do with the charitable contributions and does it flow into it does it's a whole separate form can anything with the government really flow this is the word we use yes okay it flows into the schedule a for lack of a better description okay it's better that it flows then did it jerks yes which is how we a lot of people feel as though they've been jerked by by the taxation situation but this is a Form 8283 and this form you use and you're doing your tax return and at least as you're watching whoever's preparing your tax return we get to this question now this is for tangible stuff that you give away not cash not cheques tangible for instance Salvation Army goodwill the Adventists place that supports the food bank the city the hospitals the school districts there are all 501 C 3 organizations and you can make donations to them but if you give over $500 worth of tangible personal property now you have to fill out the form that if it's over 500 give it's over 500 dollars well now I heard what you just thought well why don't I just say $500 and forget about the form well you could do that well now what have you I know this usually happens a lot of times Doug when there's been a death and there's been some estate stuff or or you're somebody is getting ready to move out of the area or who knows what the kid went off to college and never came back and now everybody's mad at everybody and and so there's stuff so he just Salvation Army Goodwill whoever but you don't have to get the form it's only if you want to get credit for it correct exactly if you want it right if you want to date $1,500 worth a thrift store fair market value stuff down to Salvation Army and just give it to them and you don't care well you're not taking the deduction but if you're gonna take the deduction you've got to fill out the form and here's what the form wants to know who'd you give it to name an address please name an address city zip everything but the phone number but I would suggest that if you were ever audited for every question by the IRS you might want a slip the name of that organization on it matching and you got to tell them when you did it you got to put the date down now if you're under 500 bucks you just say oh you might just have the slip but isn't the you're not under the same level of scrutiny they want to know what it was and when you bought it and of course the day you gave it away and then they want to know what you paid for it and this you're filling this out on this form what do you pay for it and what was the fair market value at the time of the gift you're putting all this stuff down but you're estimating on your own to some degree if well yeah okay but now you have that you have a choice of how you valued it and the most common is that I use and they've supplied you this phrase the IRS has thrift store value or you can get an appraisal well now if you've got the priceless family heirloom and your doting it for a new hospital wing you might want to say you got an appraisal okay thrift store value is just not gonna work in that case yeah so so it all depends on the situation or of course an aunt I hear a lot lately is ka artist kars4kids well you're gonna want some kind of definitive appraisal on that kind of a thing but now if you give out these gifts to more than one place you have to fill out this information on every single different 501c3 facility that you made these tangible personal property contributions to Form 8283 did they say that already yes I said it again who makes up these names somebody do they have some people their leaderboard I think I think it's a dartboard thing I think they just have a drink and throw darts at the wall and whatever happens so I need four