(1) Form 8283 asks "How acquired by donor" Was this acquired via gift or purchase? you say it was gifted to you
(2) If gift, turbotax does not give me the option of entering gift, only purchase. How do i enter it as a gift?
Not sure what you are doing but there should be a drop-down box that lets you select purchase, gift, inheritance, exchange, or created.
(3) Is my deduction the value of the stock when donated or the value of the stock when my dad bought it in my name back in the 80s. see below. also, if restrictions are imposed, FMV might not be appropriate
Turbotax seems to have questions or remarks that seem inconsistent since you are contributing Long-term Capital gain property
donation of Capital Gain Property. Generally, the deduction is FMV for property that would generate long-term capital gain if sold at FMV on the contribution date.
exceptions to use of FMV
1) the stock is not qualified appreciated stock and is contributed to a private operating foundation. QAS is corporate stock that is long-term capital gain property for which market quotations are readily available on an established securities market. quotations from a brokerage firm do not meet this test. QAS does not include any stock if the taxpayer and his family have contributed (considering all prior contributions) mote than 10% of the value of all the corporation's outstanding stock. However, shares in open-ended mutual funds are treated as QAS if quotations are readily available in general circulation newspapers. (LTR RUK 199925029)
2) you elect to apply the 50% of AGI limit rather than the normal 30% of AGI limit that normally applies to donations of capital gain property.
