1319702
Hello --
I donated three securities this year -- two were given to me in 1986 as a bar mitzvah present (yes, I'm old), and one was given last year by relatives as a gift. For each we have listed the appropriate basis. However, column (f) in each row asks "How acquired by donor." In the Form 8283 that Turbotax (desktop) generates, it is listed as "Purchase." However, these were gifted. At no point does Turbotax ask how these items were acquired. Is there a way to change this answer? The worksheet form doesn't seem to provide this information either. Thanks.
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Yes. To revisit this section in TurboTax, follow these steps:
It is acceptable in general to report the securities at the fair market value of the property at the time of the gift.
Please see 2019 IRS Publication 551 Basis of Assets page 9, middle column, Property Received as a Gift, to determine if any adjustment is necessary in your circumstances.
Yes. To revisit this section in TurboTax, follow these steps:
It is acceptable in general to report the securities at the fair market value of the property at the time of the gift.
Please see 2019 IRS Publication 551 Basis of Assets page 9, middle column, Property Received as a Gift, to determine if any adjustment is necessary in your circumstances.
Perfect -- thank you so much for answering the question so rapidly. I really appreciate it.
You're welcome! I am happy to help!
I wasn't able to get this method to show a way to override the "how acquired by donor" field. What is the best way to do this in 2024?
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