How do I e-file with charitable stock donation, as Turbotax is requiring a cost basis to complete form 8283? Turbotax won't let me submit if I leave it blank.

[bfriesen01]

I don't know the cost basis on the charitable donation, as that's not reported anywhere. And the date of acquired shares are over multiple dates >1 year ago, which the IRS does not require cost basis to be reported. If I mark it as 0, Turbotax eliminates the donation deduction.

[DavidD66]

For the date acquired, use "Various", or pick a date that is more than two years prior to donation date.  For the cost basis, estimate.  As long as the donation qualifies for the donation amount to be the fair market value on date of donation (as opposed to cost basis), it won't have any affect on the amount of your allowed donation. 

[Mike9241]

certain info is not required if the stock donation $500 or less and a publicly traded security - date acq, -how acq, cost.  probably donations on different dates should not be lumped together because the FMV differs the same would be required for stock donations to different charities. 

$500 or less works for desktop deluxe those columns can be left blank

$501 and they are required. 

[dmgmd]

The IRS form 8283 instructions say "Do not complete column g for publicly traded securities held more than 12 months unless you elect to limit your deduction cost basis" but TurboTax won't let me submit without this information and then when I put in best estimate of our cost basis (as this is not supplied by Schwab) my refund amount goes down.  

I am wondering if we hit the 30% AGI non-cash limit and so when I finish this last charitable donation that final calculation is made and then it is taken out of our return.  How can I know if this is the case? And if so will TurboTax let me know that I have a carryover donation?

[RobertB4444]

Entering a zero for the cost basis (or 0.01 cents if the system balks at a zero) will maximize your donation and solve the problem.

@dmgmd 

[mfixer]

Can you please review your response and let us know if there is a different option?  I am having a similar issue related to the cost basis for donated stocks. 

Stocks were acquired on various dates, all held for multiple years so beyond the 1 year threshold.  I have tried both options in the Date Acquired field - (a) Choosing a date older than a year (even though they were acquired on various dates) and (b) inputting "Various" instead of a date (which is what the instructions say to do.

Leaving the Cost Basis field blank or inputting the same value as the Fair Market Value (since the stocks were purchased more than a year ago  and I should get full value for the donation) provides a greater refund to me.  If I input 0 or the the actual cost basis, my refund is diminished, which should not be the case.

However, Turbo Tax requires a value in the Cost Basis field even though direction from the IRS states that a cost basis does not have to be provided.  It seems Turbo Tax's calculations in this matter are incorrect. 

How can we proceed with leaving the Cost Basis blank and not getting an error message from Turbo Tax?

[PattiF]

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.