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GiftLaw Pro Home   >  Chapter 4 - Specific Property Gifts  >  4.4 Insurance  >  4.4.4 Form 8283 and Form 712  >  Basic Quiz

Basic Quiz - 4.4.4 Form 8283 and Form 712

1. If a person makes a noncash charitable contribution greater than $500, IRS Form 8283 must be included with his or her tax return.
           
2. Form 8282 must be completed for a gift of a life insurance policy with a fair market value in excess of $500.
           
3. In addition to Form 8283, the donor may need to obtain Form 712 Life Insurance Statement.
           
4. The IRS prepares Form 712 at the request of the donor.
           
5. To ensure a correct and proper valuation of the insurance policy, an appraisal must be made at the time of the gift.
           
6. To substantiate a charitable gift of a life insurance policy, a receipt from the charity is required for gifts of $50 or more.
           
7. The gift receipt from the charity must be received at the time of the charitable contribution.
           
8. If an appraisal is required, the appraiser and the charitable donee must sign Form 8283.
           
9. A donor must file Form 8282 if the insurance policy is subsequently sold by the charity.
           
10. 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.