I donated appreciated stock to a charity in 2024 and am completing the info in TT. It is asking for my cost basis. I inherited this stock in 2014, so this should not be necessary (as it is long term). According to the IRS guidelines, it states NOT to complete the cost basis for publicly traded securities. The following is from the IRS form/instructions:
'For items over $500, enter your cost or adjusted basis. Do not complete this column for publicly traded securities held more than 12 months, unless you elect to limit your deduction cost basis. See section 170(b)(1)(C)(iii). Keep records on cost or other basis.'
TT will not allow this field to be empty, so I would appreciate some direction. Also, as I was trying to find current info regarding the above question, I see that I may not be able to e-file as the donation is over $5000. Is that correct? If I cannot e-file my Federal return, will I still be able to e-file my state one (CA)? Thank you.
