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  • 1.  Receipts for Gifts of Real Estate

    Posted 7 hours ago

    Gifts of Real Estate have historically been handled by an external system partner to our organization. They send the 8283 form the donor, but the question has been raised about sending tax receipts. Is it required that they also send a tax receipt? 



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    John Gough
    University of Texas at Austin
    jgough@austin.utexas.edu
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  • 2.  RE: Receipts for Gifts of Real Estate

    Posted 7 hours ago
    Just as with all gifts of property, a standard receipt (description but no value) is sent. IRS Publication 1771 does not mention any exceptions. However, I've often seen clients "pretty up" those property gift receipts.

    Keep in mind that it could very well take 6-9 months (or even a year) after the gift for the 8283 to be prepared and executed. Remember, the "right" 8283 for the tax year is typically not available until the following January. Sending a "nice looking" receipt within days of the gift is a good donor relations tactic.

    John

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


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