How can I change Part III, Line 7, "Method used to determine the fair market value", on the Noncash Contributions (Schedule A, Line 17)?

[NF24]

I have a Form 8283 that specifies it as "Treasury Regulation

[NF24]

My explanation got truncated.  I have a Form 8283 that specifies "Treasury Regulation #20.2031-2" on Part I, Line 1, column (h), "Method used to determine fair market value", but TurboTax has autofilled "Comparative Sales" on the worksheet, and there doesn't seem to be any way to change it.

[JulieS]

Please clarify your question. Your code reference relates to the donation of stock, but your line references relate to typical item donations. What did you donate and is the value more than $5000?

[NF24]

This was a a donation of appreciated stock with a value over $10,000. The EasyStep interview form for a stock donation asks for the date of the donation, the stock symbol, the value on the date of the donation, the date I acquired the investment, and the cost basis. Then TurboTax fills that information into Part III on a Noncash Contribution Worksheet, but it fills in "Comparative sales" as the method used to determine the fair market valuer on line 7, which then ends up getting copied to the generated Form 8283.

[JulieS]

This is code section that is referred to in your message:

"Treasury Regulation § 20.2031-2 Valuation of stocks and bonds.

(a) In general. The value of stocks and bonds is the fair market value per share or bond on the applicable valuation date.

(b) Based on selling prices."

In other words, Comparative sales. TurboTax doesn't offer any alternative for the method to determine the value because that is the method that is required by the IRS. 

Whoever filled in your Form 8283 simply cited the Treasury regulation, rather than list the method description that the IRS recognizes on Form 8283. 

According to the IRS instruction for Form 8283, "Column (i). Enter the method(s) you used to determine the FMV. Examples of entries to make include “Appraisal,” “Thrift shop value” (for clothing or household items), “Catalog” (for stamp or coin collections), or “Comparable sales” (for real estate and other kinds of assets)."

At any rate, the only way to force TurboTax to accept a description other than one listed above is to override the entry in Forms, This can only be done in Desktop (the download version of TurboTax). If you override the entry, you will not be able to e-file.