Saturday, May 4, 2024
Specific Property Gifts
4.4.4 Basic Quiz -- Form 8283 and Form 712
If a person makes a noncash charitable contribution greater than $500, IRS Form 8283 must be included with his or her tax return.
True
False
Form 8282 must be completed for a gift of a life insurance policy with a fair market value in excess of $500.
True
False
In addition to Form 8283, the donor may need to obtain Form 712 Life Insurance Statement.
True
False
The IRS prepares Form 712 at the request of the donor.
True
False
To ensure a correct and proper valuation of the insurance policy, an appraisal must be made at the time of the gift.
True
False
To substantiate a charitable gift of a life insurance policy, a receipt from the charity is required for gifts of $50 or more.
True
False
The gift receipt from the charity must be received at the time of the charitable contribution.
True
False
If an appraisal is required, the appraiser and the charitable donee must sign Form 8283.
True
False
A donor must file Form 8282 if the insurance policy is subsequently sold by the charity.
True
False
To complete a transfer of an insurance policy, the donor will need to contact the insurance company and fill out the proper change of ownership forms.
True
False
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