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The Ultimate Charitable Deductions Quiz
by Staff
Many charitable organizations advertise that they accept donations of vehicles or stocks around the end of the year. Donating to charity can both benefit your taxes and help support a valuable cause, but what restrictions are there on deducting charitable donations from your taxes? Take this quiz to see if you know the dollars and cents of charitable contributions and tax deductions.

Which of these is restricted by the U.S. tax code?

  • what organizations are recognized as charities for tax purposes
  • how much money you contribute to charity
  • how many charitable contributions you deduct

What would be an ineligible deduction on your taxes?

  • time spent working at a charitable organization
  • a donation of corporate stock
  • professional consulting services provided for free

Which of these is tax-deductible?

  • an automobile given to a charitable organization that sells it immediately
  • a monetary contribution to a Senator's election campaign
  • time volunteered helping an unemployed individual improve his resume

What should you do if you want to deduct an automobile donation?

  • make sure to take the vehicle's condition into account
  • sell it first and then donate the proceeds
  • deduct the precise Blue Book value

For how long after you deduct a charitable contribution should you hold onto your receipts?

  • three years
  • seven years
  • 12 years

For which type of contributions to public charities can you only deduct 30 percent instead of 50 percent of the contribution's value?

  • those which may increase in value
  • goods or services, not cash
  • those to organizations with pending tax-exempt status

What is the most you can deduct when contributing to a private charitable organization?

  • 20 percent
  • 30 percent
  • 50 percent

What code designates a tax-exempt non-profit organization?

  • 501(c)(3)
  • 401(k)
  • 170(c)

What must you do if you want to deduct the cost of a charity dinner from your taxes?

  • First subtract the value of the dinner itself.
  • Pay with a check or credit card, not cash.
  • Donate extra money above the requested amount.

What must you do if the value of a donated item is above $500?

  • Get it professionally appraised.
  • Photograph it before donating it.
  • Donate it only to a public charity.