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Level 3
posted Mar 28, 2025 10:22:35 PM

Charitable giving for 2024

Hello

 

I have gifted Stocks and Mutual funds to my church

Do i have to detail individual cost basis per stock when it was bought or can i average the blended costs? the gifted stocks were sent on the same day

what market value do i use the average of the high and low on the day my church received the stocks?

Majority of the stocks were Long term, while small amount were short term due to dividend reinvesting.

 

How do i treat mutual funds?

what market value do i use?

Majority of the mutual funds were Long term, while small amount were short term due to dividend reinvesting.

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1 Replies
Expert Alumni
Mar 29, 2025 3:13:36 PM

PattiF provided great steps for how to enter stock donations in TurboTax, I have copies her response here for easy review:

 

Follow these instructions to enter the Stock donation. Please see the screenshots for details.

 

  1. When you enter the contribution in TurboTax, you should choose the Stock option in the list you will see. 
  2. You will then be asked to enter the date of the donation, stock symbol, value at the date of the donation, the date you acquired it, and cost basis of the shares. Make sure the date you acquired it is more than one year from the date of the donation.
  3. You will receive a 30% of adjusted gross income deduction for the contribution of appreciated securities held long-term. Any unused deduction can be carried over to future years. 
  4. This tells the IRS and Turbo Tax that this is a Donor Advised Fund contribution.

 

 

 

For more information see the link below: