Cash and stock donations are entered separately. Enter Cash on the first line then there is a section for Other Than Cash. Instructions below.
When entering your stock donation into TurboTax, be sure to enter the Value on the Date of Donation in the correct box. TurboTax also asks for your Cost Basis in a separate box, be sure that the correct amount is being reported in each box. Here is how to enter stock donations:
Filling Out Your Tax Forms: Form 8283
- The name and the address of the organization you donated to.
- Description of the donated property (the number of shares and the name of the company).
- Date of contribution.
- The fair market value of the property (market value).
- The method used to determine the fair market value.
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 (i.e. not your lower purchase price, technically known as the cost basis). Shares gifted to donor-advised funds receive the same tax treatment.
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