IRS Form 990 Schedule M Noncash Contributions

What Is IRS Form 990 Schedule M?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. The document is a supplement to IRS Form 990, Return of Organization Exempt From Income Tax. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 990 Schedule M?
A: IRS Form 990 Schedule M is a tax form used by tax-exempt organizations to report noncash contributions they receive.

Q: Who needs to file IRS Form 990 Schedule M?
A: Tax-exempt organizations that receive noncash contributions totaling $5,000 or more during the tax year need to file IRS Form 990 Schedule M.

Q: What are noncash contributions?
A: Noncash contributions are donations made in the form of property or assets, rather than money.

Q: What information is required to fill out IRS Form 990 Schedule M?
A: IRS Form 990 Schedule M requires organizations to provide details about the noncash contributions they received, including a description of the property, its fair market value, how it was used by the organization, and the method used to determine its value.

Q: When is IRS Form 990 Schedule M due?
A: IRS Form 990 Schedule M is typically due along with the organization's annual Form 990 filing, which is due on the 15th day of the 5th month after the end of the organization's tax year.