Question

unnecessary questions about donations of stock

Forum|Forum|1 year ago
March 6, 2025
1 reply
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I made three donations of stock to non-profit organizations. The stock was transferred directly to them, so there is no capital gains. Why is TurboTax asking me for the date of acquisition and cost basis? Neither of those is relevant to my donation.

A

AmeliesUncle

@TigerMO wrote:
Neither of those is relevant to my donation.

Yes, they are. It helps determine the which charitable contributions rules it falls under and your charitable contribution amount.

T

TigerMOAuthor

Could you please tell me more? As long as I've held the stock more than 12 months, the entire amount of the stock's FMV is deductible, isn't it? Not just the adjusted basis.

M

mglauner

The basic rule is that your contributions to qualified public charities, colleges and religious groups generally can't exceed 60 percent of your Adjusted Gross Income (AGI) (100% of AGI in 2020 for qualified charities).

The caps are a bit lower for gifts to other types of nonprofits. When it comes to gifts of appreciated property, the limit drops to 30 percent of AGI.
If these restrictions limit your write-off in the year of the gift, the excess deduction carries over to the next year.

Here's more info on Charitable Donations.

@TigerMO