Q & A: Donations and Record-Keeping Quiz

1. With all single charitable contributions valued at $250 or more, you need to have a receipt or written acknowledgment including which piece of information?|

D. all of the above

2. If you make a donation of $250 or more, you must send the receipt to the IRS.

False. You don't need to send it to the IRS, but you do need to have it at the time you send in your federal income tax return.

3. If you make a gift of property valued at more than $500, what additional records, if any, do you need?

A. You need to provide information on how you got the property.

4. If you want to deduct more than $5,000 for your gift, what do you need to obtain?

C. a qualified written appraisal

5. If you receive tax statements informing you of how much income you received from your gift during the year and how it's taxed, what do you need to do with them?

A. Keep the forms in the event you are ever audited by the IRS.

Please contact Mary Ludwig, Development Director at 712-732-5127, for more information.

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

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