If I donate Stock Shares to a 501c(3) charity is i...
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dave_carroll
New Member

If I donate Stock Shares to a 501c(3) charity is it the current value (2020) or the cost basis (bought in 2009)? The "review screen" shows the 2009 cost basis.

Donated stock Feb. 18, 2020. Purchased stock April 20, 2009. Don't I get credit for the Fair Market value on the date of the donation?
2 Replies
RayW7
Employee Tax Expert

If I donate Stock Shares to a 501c(3) charity is it the current value (2020) or the cost basis (bought in 2009)? The "review screen" shows the 2009 cost basis.

If you've held the stock for more at least one year, you are correct, and you will be able to deduct the Fair Market Value of the donation.

 

However, if you have held the stock for less than one year, it is short term capital gains property, and you can only claim your basis as a deduction.  See page 11 of this link: https://www.irs.gov/pub/irs-pdf/p526.pdf.

 

As long as you've held the property for one year, the amount that you enter for the basis will not affect your deduction.

Opus 17
Level 15

If I donate Stock Shares to a 501c(3) charity is it the current value (2020) or the cost basis (bought in 2009)? The "review screen" shows the 2009 cost basis.

If you think you are not getting the FMV, it might be a misunderstanding or it might be a bug.  You will need to look at your schedule A totals before you file.  Be sure to review everything carefully before transmitting your return in case something needs to be fixed.  In Turbotax online, you can't print your actual tax forms until you pay the fee, usually at time of filing, but you can pay early, print your return in progress, and still go back to the interview to make further changes. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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