My question is regarding Form 8282 requirements related to gifts to be sold at silent auctions.
If a donor lists a FMV of >$500 for their item to be sold at a silent auction, do we need to submit an 8282 form for each such item (assuming it's within 3 years of the gift)?
For this purpose, can we use the FMV as established by the donor for determining our 8282 filing needs, or is there further work required to establish a FMV if nothing else was submitted by the donor of the property?
Currently, unless a donor submits an appraisal or a recent receipt with their silent auction item, we record all silent auction items in our software as $1 GIK. For the purpose of establishing a starting bidding price, we ask donors of items to list a FMV of their silent auction item.
Thanks!
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Gwen Donev
Director of Advancement Services
Gustavus Adolphus College
800 West College Avenue
Saint Peter, Minnesota 56082
Email: gwendonev@gustavus.edu
Office: 507.933.6515