For Want Of A Nail… Lessons From Besaw V. Commissioner On Charitable Deductions

For high-net-worth families and collectors, charitable giving can be a powerful estate and tax planning strategy. But as Besaw and similar cases make clear, failure to follow the rules can convert generosity into liability. The IRS and the courts demand precision, and Form 8283 is the roadmap. For want of a properly filled out and documented Form 8283, you will lose your charitable deduction for non-cash donations.