Question

How do I e-file with charitable stock donation, as Turbotax is requiring a cost basis to complete form 8283? Turbotax won't let me submit if I leave it blank.

Forum|Forum|3 years ago
February 8, 2023
2 replies
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I don't know the cost basis on the charitable donation, as that's not reported anywhere. And the date of acquired shares are over multiple dates >1 year ago, which the IRS does not require cost basis to be reported. If I mark it as 0, Turbotax eliminates the donation deduction.

TurboTax Self Employed Online

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DavidD66

For the date acquired, use "Various", or pick a date that is more than two years prior to donation date. For the cost basis, estimate. As long as the donation qualifies for the donation amount to be the fair market value on date of donation (as opposed to cost basis), it won't have any affect on the amount of your allowed donation.

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dmgmd

The IRS form 8283 instructions say "Do not complete column g for publicly traded securities held more than 12 months unless you elect to limit your deduction cost basis" but TurboTax won't let me submit without this information and then when I put in best estimate of our cost basis (as this is not supplied by Schwab) my refund amount goes down.

I am wondering if we hit the 30% AGI non-cash limit and so when I finish this last charitable donation that final calculation is made and then it is taken out of our return. How can I know if this is the case? And if so will TurboTax let me know that I have a carryover donation?

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RobertB4444

Entering a zero for the cost basis (or 0.01 cents if the system balks at a zero) will maximize your donation and solve the problem.

@dmgmd

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Mike9241

certain info is not required if the stock donation $500 or less and a publicly traded security - date acq, -how acq, cost. probably donations on different dates should not be lumped together because the FMV differs the same would be required for stock donations to different charities.

$500 or less works for desktop deluxe those columns can be left blank

$501 and they are required.