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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

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 8283 or the Contribution amount (Force) field in Screen 8283-2.

Related topic: Form 8283 FAQs (1065)

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