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. 33 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: GIK - Or Non-cash donations Question:When donating stock to the church that you have owned for more than one year, does the church record the value on the donor's statement? Yes No According to the IRS website, non cash donations are not to have their value placed on the statement. Another resource is:IRS Publication 561. 2 / 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. 3 / 10 Category: GIK - Or Non-cash donations Question:When a donor donates stock to the church, which they held for more than a year, what tax benefit does the donor receive? The donor does not pay the capital gains tax. The donor does not pay ordinary federal income tax. The donor does not pay state income tax. The donor does not pay the stock income tax. When stocks are donated directly to the church instead of cash, the donor does not pay any 'capital gains tax' on the stocks. If the stocks appreciated a lot and the donor is in a top tax bracket, this translates to a 37% tax savings as of tax year 2020. And all the stock appreciation goes to the church. Avoiding the capital gains tax only works on stocks that are owned for at least one year. Keep in mind the more the church can advise donors on their giving options and how they benefit the donor the more the church could receive in donations. 4 / 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. 5 / 10 Category: General Questions Question:On a donor's statement, does each donation need a date next to it? See the example below.01/15/2022 $50.0001/30/2022 $25.00 No Yes 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. 6 / 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 1098-C IRS Form 8383 IRS Form 8282 Please review the IRS instructions for the IRS Form 1098-C to see who must file. 7 / 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 29th December 30th January 2nd December 31st 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. 8 / 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? 30 days 90 days January 31st the following year 60 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)." 9 / 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? Yes No 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. 10 / 10 Category: GIK - Or Non-cash donations Question:What IRS form does the church have to fill out within 125 days, if they decide to sell or dispose of a non cash donation that is worth more than $5,000.00? IRS From 8283 IRS Form 8383 IRS form W-3 IRS Form 8282 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. Enter your email and name then click the finish flag to see your results!We will send you fun and infrequent information. NameEmail Your score is LinkedIn Facebook Twitter VKontakte 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.