1065-US: Entering the contribution amount in Screen 8283P1 when the deduction amount is not equal to the fair market value (FMV) of a donated property (FAQ)

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Question

Sometimes a deduction amount is not equal to the fair market value (FMV) of a donated property, either because the FMV has been reduced or the original property cost is the maximum contribution amount. How do I handle these situations in UltraTax CS?

Answer

When the allowed contribution amount is different from the donated property's FMV, enter the contribution amount in the Contribution amount if different than fair market value field in Screen 8283P1 or the Contribution amount (Force) field in Screen 8283P2.

Related topic: Form 8283 FAQs (1065)

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