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GiftLaw Pro Home   >  Chapter 1 - Taxation and Giving  >  1.1 Income Tax Deductions  >  1.1.2 When is a Gift Deductible?  >  Basic Quiz

Basic Quiz - 1.1.2 When is a Gift Deductible?

1. A gift to charity is deductible at the time the donor promises to make a gift.
           
2. The transfer and title to property are normally governed under state law.
           
3. Checks are not deductible until the check clears the bank.
           
4. Gifts made with credit cards are immediately deductible.
           
5. Securities may be transferred by hand delivery, electronic delivery, or through the mail.
           
6. Mailing securities through the U.S. mail does not constitute a completed gift until received by charity.
           
7. Transferring shares of stock from a donor's account to a charity's account within the same financial institution is a time efficient way to complete a stock gift.
           
8. In some states, legal title to real estate passes when a valid deed is delivered from one party to another party.
           
9. A gift of an option to charity produces an immediate deduction.
           
10. For a gift of art to be deductible, the charity must receive possession and title.