The system automatically entered "comparative sales" but my information from Fidelity Charitable says "Treasury Regulation #20.2031-2" as the method.
Treasury Regulation #20.2031 is for inherited stock with an estate valuation. It is not a gift from a donor.
Maybe I entered the amount wrong on my taxes. I opened a Fidelity Giving Fund this year and funded it with stock. I entered the amount of proceeds, stock name and amount of stock given to the fund under Non-Cash Charity. I wasn’t given a chance to enter the method like I was when I entered a clothing donation to Red Cross. Is that the right place to be entering this donation?
Can you help me with a couple more Charity Questions please?
(1) I don’t know where to look for this question. If you can guide me, it would be appreciated. I understand that when you fund a donor-advised 501c company like Fidelity Charitable with stock, that you are limited to 30% of your AGI to claim that year. At first I thought when I said it was stock that I had donated that TT would automatically adjust the amount that I could claim, but it didn’t. I went back and clicked on the one where it said your amount would be limited and it let me click on 30%. I also have clothing donations that were non-cash. How can I tell how much I can carry forward to next year?
(2) Are clothing donations to places like Red Cross also limited, and if so is it 20% or how can you tell?
Thank you!