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What is a bargain sale?

A bargain sale refers to the selling of a good or service for an amount less than the fair market value. It can be considered a donation to a charity and may result in a tax write-off.

What is a 170 bargain sale?

An IRS Section 170 Bargain Sale is the sale of a property to a charitable organization (501(c)3) for less than the fair market value as determined by a gift appraisal, not its quick sale price or listing price.

Who must file form 8283?

Form 8283 is filed by individuals, partnerships, and corporations. C corporations. C corporations, other than personal service corporations and closely held corporations, must file Form 8283 only if the amount claimed as a deduction is more than $5,000 per item or group of similar items.

Can you e file form 8283?

Generally, you can either print out Form 8283 and mail a paper copy to the IRS or file it electronically.

What is form 8283 from the IRS?

Individuals, partnerships, and corporations file Form 8283 to report information about noncash charitable contributions when the amount of their deduction for all noncash gifts is more than $500.

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