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Returning Member
posted Mar 8, 2021 4:51:56 PM

donated(transferred ownership) a large number of LONG TERM shares of stock to charity

I donated(transferred ownership) a large number of LONG TERM shares of stock to charity, why is turbotax asking for the cost basis? Cost basis should not be required and I don't want to make up an answer

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1 Replies
Expert Alumni
Mar 8, 2021 5:13:00 PM

Correct.  Cost basis for publicly traded securities held more than 12 months, should not be reported, unless you elect to limit your deduction cost basis under section 170(b)(1)(C)(iii).   If the program won't let you proceed without entering cost basis for your donation, you will have to either determine the cost basis, or "make up an answer", as you say.