Gifts_in_Kind by liamei12345

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									                                       Gifts-In-Kind


Gift(s)-In-Kind valued over $5,000 may be subject to certain Internal Revenue Service
(IRS) reporting requirements. The University is required to report information to the IRS
for dispositions of certain noncash charitable deduction property made within three
years from the date the property was donated. Dispositions include selling, exchanging,
giving away or scrapping the property.

It is the responsibility of each unit to keep all backup material and track the gifts. The
unit is responsible to notify taxreporting@umich.edu within 30 days from the date of
disposition. Failure of timely notification may trigger penalties for delinquent returns.

IRS Form 8282, Donee Information Return (sale, exchange, or other disposition of
donated property), must be filed shortly after the date of disposition. The tax group
within Finance files the returns based on the tax information provided by the units.

The tax filing is required when property (other than money or certain publicly traded
securities) is disposed of within three years after receipt, for which the University was
provided Form 8283, Noncash Charitable Contribution, for signature.

Please contact us within 30 days from the date such property is disposed of. If you
have any questions or need assistance, we can be reached at taxreporting@umich.edu.

								
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