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

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.

The IRS's basic rule is that the gift must be delivered to the church by December 31st. For USPS they use the postmarked date as the delivery date, whether or not the donation envelope is physically delivered to the church.

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.

According to IRS publication 526, page 21, donations that are equal to or over $5,000.00, a paid professional appraiser must be used and their written appraisal must be included with the donor's tax return.

According to IRS publication 526, page 21, the non cash donation under 5,000.00 can be figured out by the tax advisor (CPA) or the donor themselves. Once the donation is over 5,000.00 a paid professional appraiser must be used and their written appraisal must be included with the donor's tax return.

According to IRS publication 1771 page 4, under the Recordkeeping Rules, subsection 'Requirement', the date and amount are both needed. While the IRS publication 1771 says the donor is responsible for this information, the church should have it on the donor statement so they can match it their records such as a bank record like a cancelled check or bank statement.

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

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.