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.

According to the IRS website, non cash donations are not to have their value placed on the statement. Another resource is:

IRS Publication 561.

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.

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.

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.

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.

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.

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.

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.