Tax Issues (Collections Stewardship)
There are a number of tax-related issues that derive from the collections activities of museums related to gift acceptance. The following resources were compiled from organizations throughout the nonprofit and museum sector. AAM reviewed and approved each one based on the organization’s authority and expertise and the resource’s usefulness related to the topic. Clicking the links below will take you off the AAM website.
Form 8282: Donee Information Return
The Internal Revenue Service (IRS) provides access to Form 8282: Donee Information Return that organizations must complete if certain donated property is sold, exchanged, or disposed of within 3 years of its donation.
Form 8283: Noncash Charitable Contributions
The Internal Revenue Service (IRS) website provides access to several relevant publications and forms (PDF). Form 8283: Noncash Charitable Contributions must be signed by the museum to acknowledge receipt of the gift.
Publication 1771: Charitable Contributions-Substantiation & Disclosure
The Internal Revenue Service (IRS) website provides access to several relevant publications and forms (PDF). Publication 1771: Charitable Contributions–Substantiation and Disclosure explains the requirements in simple terms.