This quiz will test a person's knowledge on recording various types of donations.

This question falls under a quid pro quo donation. These are found in the IRS code section 6115.

As stated in the IRS publication 1771, the church must send a written acknowledgement (donor statement) to the donor for any one time contribution over $250.00.

The IRS Form 1098-C is what you use to for a qualified vehicle over 500.00.

According to IRS publication 1771, the value is never placed on the donor's statement - ie the written acknowledgment. This is the instructions about the information that should be on the donor's statement.
1. the name of organization
2. the amount of cash contribution,
3. a description (but not the value) of non-cash contribution,
4. a statement that no goods or services were provided by the organization in return for the
contribution, if that was the case,
5. a description and good faith estimate of the value of goods or services, if any, that an
organization provided in return for the contribution,
6. a statement that goods or services, if any, that an organization provided in return for the contribution consisted entirely of intangible religious benefits, if that was the case.

Please review the IRS instructions for the IRS Form 1098-C to see who must file.

The IRS form 8282 is to be filled out with 125 days of selling the property. The sold property has a three year limit on the reporting of it. Please review the form instructions for the 8282 to see all the requirements under the 'Who Must File' section.

According to the IRS instructions for the 1098-C, the donor must figure out the amount for the donated item (ie car, plane, and boat). This is atypical because most gifts in kind (GIK) can be donated without knowing the value. Most GIK's don't require a 30 day reporting period.

According to the IRS website there the information that must be on the statement is as follows. Keep in mind there are different types of donations but this questions did not look at non cash donations.
Name of the organization;

• Amount of cash contribution;
• Description (but not value) of non-cash contribution;
• Statement that no goods or services were provided by the organization, if that is the case;
• Description and good faith estimate of the value of goods or services, if any, that organization provided in return for the contribution; and
• Statement that goods or services, if any, that the organization provided in return for the contribution consisted entirely of intangible religious benefits, if that was the case.

In person and private mail carriers must have the donation physically delivered to the charity (the church) by December 31st. This is different than the USPS which the IRS is fine with using the postmarked date.