Is it necessary to mark a gifted stock as 'gifted' in turbotax? The desktop software is not giving me this option, but the online version did in the past. Thanks,

[pricey13]

Is this a necessary step [i.e. to report every gifted stock as a gift]? I ask for 2 reasons. (1) It is cumbersome to manually enter this info for hundreds of gifted stocks (2) I downloaded the desktop software with hopes of there being a shortcut to mark all stocks as 'gifts' but instead I ran into a separate issue

[MaryK4]

No, you do not have to "report" gifted stock to the IRS- TurboTax uses this option to help guide taxpayers enter the correct basis (step into the shoes of the donor).  As long as you keep any records you have for the basis, you can enter as regular sales.