Magnifying GlassGet a free trial of IconCMO now! 30 days - No credit card required. Donation Quiz To start the quiz, click the blue ‘Start’ button below. 30 Created on December 30, 2020 Donation Recording Quiz This quiz will test a person's knowledge on recording various types of donations. Your results are for personal use and only available to you. 1 / 10 Category: Vehicle Donations Question:When a vehicle is donated that is claimed to have a value of more than $500.00, what IRS form must the church fill out? IRS form W-3 IRS Form 8383 IRS Form 8282 IRS Form 1098-C Please review the IRS instructions for the IRS Form 1098-C to see who must file. 2 / 10 Category: General Questions Question:When donations are sent via the USPS (United States Postal Service) and not a private mail carrier, what is the latest date the postmark can show to include the donation on the donors statement? December 30th December 31st January 1st January 2nd 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. 3 / 10 Category: Volunteer Time and Service Question:Can volunteers claim a tax deduction for their time and services provided to the church? Yes No A volunteer can't deduct their time and services. However an attorney can ask for a GIK donation statement for things like travel expenses for the attorney to come and meet with your organization. Or say for all the cost of mailings to your organization. In other words the expenses have to be documented and not just a 'service' or 'time'. There are a lot of rules on this that the churches should review before giving out any donation statements to any volunteers. 4 / 10 Category: Vehicle Donations Question: Generally speaking, how many days after a vehicle donation greater than $500.00 does the church have to furnish the donor with the IRS form 1098-C? January 31st the following year 30 days 60 days 90 days The IRS instructions for the IRS Form 1098-C states the following: "Generally, the charity must furnish this form to you no later than 30 days after the date it sold the donated vehicle (if box 4a is checked) or 30 days after the date of the contribution (if box 5a or 5b is checked)." 5 / 10 Category: General Questions Question:For private mail carriers and in person donations what is the deadline date for donations in the current year? December 31st January 2nd December 29th December 30th 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. 6 / 10 Category: Vehicle Donations Question:Does the church or donor provide the claimed value of the vehicle, boat, or airplane over $500.00? Church Donor 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. 7 / 10 Category: General Questions Question:The donor makes two donations of $260.00. Can the donor claim the deduction using their own bank records? Yes No 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. 8 / 10 Category: GIK - Or Non-cash donations Question:For gift in kind donations (ie non cash donations) should the value of the gift of kind donation be found on the donor's statement? No Yes 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 organization2. 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 thecontribution, if that was the case,5. a description and good faith estimate of the value of goods or services, if any, that anorganization 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. 9 / 10 Category: GIK - Or Non-cash donations Question:For gift in kind (non-cash) donations under $5,000.00, who determines the fair market value of the donation(s)? The donor's CPA or the donor. A professional appraiser. The church. The IRS. 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. 10 / 10 Category: Vehicle Donations Question: Can a donor donate an airplane or a boat to a church? Yes No The IRS Form 1098-C is what you use to for a qualified vehicle over 500.00. Enter your email and name then click the finish flag to see your results!We will send you fun and infrequent information. Your score is LinkedIn Facebook Twitter 0% Restart quiz Exit This quiz can be shared with others with the proper given attribution to the creator Icon Systems, commonly called the CC BY license.