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March 10, 2023

Streamline Your Tax Filings with Ledgible: Producing Form 8283 for Cryptocurrency Transactions

As tax season approaches, Ledgible is pleased to announce that we can produce Form 8283 to assist our clients in their tax filings. This is particularly relevant for individuals, partnerships, and corporations who need to report information about noncash charitable contributions when the amount of their deduction for all noncash gifts is more than $500.

At Ledgible, we understand that filing taxes can be a complex and time-consuming process. That's why we offer a variety of report types to help streamline the process, including the IRS 8283 form for cryptocurrency transactions.

The form contains two main sections for reporting donated assets. Part I includes Section A, which lists donated property worth $5,000 or less and publicly traded securities, and Section B, which reports donated property over $5,000, except for publicly traded securities, vehicles, intellectual property, or inventory reportable in Section A. A qualified appraisal is generally required for items reportable in Section B.

It's important to note that Ledgible Tax will produce an attachment for the 8283 form, so all cryptocurrency transactions applicable to it are included. If you have multiple entries in the report, please review all pages to ensure that you're reviewing all your records.

While Ledgible is not a qualified appraiser and will not sign part IV of the form should your donation deduction be more than $5,000, we can provide you with the necessary information to complete parts II, III, IV, and V of the form. Please consult your tax accountant to ensure that the form is completed and filed successfully.

The 8283 form can be used in various ways. You can attach it to your personally prepared return, send it to your tax preparer/CPA to include in your overall tax return, or use tax software that can import the 8283 form. However, it may be better to use the other Ledgible Tax reports that can be directly imported, so please take a moment to review those as well.

In conclusion, Ledgible is proud to offer the 8283 form to our clients as part of our commitment to providing comprehensive tax reporting solutions. If you have any questions about this or any of our other services, please don't hesitate to contact us.

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