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Real Estate Quiz

The answers in this test can be found in Real Estate Donations: 47 Critical Questions by Chase Magnuson and Dennis Haber.

Along with Allen Thomas (Thomas Charitable Advisors) they help facilitate donations of real estate so you do not have to get involved. They can even absorb the risk.

All questions below are required to be answered.

Available in print or as PDF.

1. Why is it important to calculate basis?

A. To determine cost for tax purposes

B. It’s not important as basis doesn’t matter in real estate gifting

C. To determine the gift deduction in certain types of gift arrangements

D. Both “A” and “C”

2. What counts as dealer property?

A. Property held for more than a year

B. Property held for less than a year

C. Property not held for investment purposes

D. Both “B” and “C”

3. What percentage of AGI may an individual take for their charitable gift donations?

A. 10%

B. 30%

C. 50%

D. 75%

4. What percentage of corporate income may be offset by a charitable gift deduction?

A. 10%

B. 30%

C. 50%

D. 75%

5. Which of the following qualifies for a charitable gift donation?

A. Timber

B. Water rights

C. Mineral rights

D. All of the above

6. What is the IRS designation for a public charity?

A. IRS #561

B. AOL

C. 501 (c) 3

D. Section #1031

7. Donors may split their donations among how many charities?

A. 1-4

B. 4-7

C. 7-11

D. All of the above

8. Donation of a personal residence may be used for both a retained life estate and a charitable gift annuity arrangement.

True

False

9. International properties qualify as gift donations.

True

False

10. Realtors are normally paid fees by the charity.

True

False

11. Who must obtain a qualified appraisal to receive the benefit from a gift donation?

A. The charity

B. Title Company

C. Donor

D. None of the above

12. Donation of property held for less than a year might avoid capital gains tax.

True

False

13. Debt encumbered property can be donated.

True

False

14. A simultaneous closing may be used to transfer ownership of a donated property.

True

False

15. A Realtor may earn more than one type of fee in a single donation transaction.

True

False

16. How many charities are there in the United States?

A. 100,000

B. 350,000

C. 750,000

D. 1,600,000

17. Farms/ranches real estate donations qualify for a charitable gift deduction:

True

False

18. Condo in Rome or Paris real estate donations qualify for a charitable gift deduction:

True

False

19. Medical building housing doctor’s practice real estate donations qualify for a charitable gift deduction:

True

False

20. A lot in Florida real estate donations qualify for a charitable gift deduction:

True

False

21. Cabin in Pennsylvania real estate donations qualify for a charitable gift deduction:

True

False

22. A 17% ownership interest in apartment complex? real estate donations qualify for a charitable gift deduction:

True

False

23. A donor has what period of time in which to use a charitable deduction?

A. One year

B. Two to five years

C. Six years

D. None of the above

24. Which of these open-ended questions might open a donation discussion with your client?

A. What are your plans for your next step with your investment property?

B. Have you ever considered a gift of real estate?

C. Did you know that your real estate equity could provide a lifelong income stream?

D. All of the above

25. What do the donors get from a gift of real estate?

A. Released from property management issues

B. A chance to see the donations impact upon a charity, lower the value of their estate and prevent family feuds.

C. None of the above

D. All of the above

Time is Up!

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2020 Planned Giving Pocket Guide (includes a mini Gift Comparison Chart)

This is not another ways-of-giving brochure — it's a "why's of giving" that helps you better understand the upside and downside of different giving options for both you and your prospects.

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