Hi All:
Anyone else having problems getting the full deduction amount for contributions to a Fidelity Charitable donor advised fund? This is my first year of using the DAF, and I am having problems.
First, Fidelity Charitable says they will take care of all the paperwork. But that is not true. Their website shows your cost basis at the time of contribution, but that information is lost. So when TT asks you for the cost basis and date of purchase for your stocks, you have to go back to your statements to figure that out.
Second, my understanding is that the FULL amount should be deductible if you have held it for a year. So if I bought the stock in 4/20 and made the contribution to the Fidelity Charitable fund in 8/21, the entire fair market value should be deductible no matter what my cost basis is. TT says if you have made multiple purchases over a year ago, you can put down "various" as the date of purchase.
But that is not the case at least with what I am doing. I am probably not doing it right because I am only getting a partial deduction for the contributions. Should I put down a cost basis of "0" to get the full deduction? Could someone clue me in? Thanks.
