Deductions & credits

ACK!! Well, FFS! I dug deep into the background forms and the tax code and discovered that you can only take the full market value as a deduction if you have owned the stock for longer than a year. If not, you can only claim the cost basis as your donation. The program is reflecting this rule when sometimes it shows only the basis as the tax deductible amount. SO SAD. I wish my danged broker had known this.

 

What I found:

"After you have held stock for more than one year and its price has risen, at the time of the donation you get a tax deduction equal to the fair market value of the stock (not its cost basis). "