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dcsweet1210
Returning Member

I donated $54000. in stock to a university. How do I record?

 
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Accepted Solutions
AlanT
Expert Alumni

I donated $54000. in stock to a university. How do I record?

You would record this as a charitable deduction on Schedule A.  You get to deduct the Fair Market Value of the gift of the stock at the time the gift was made.  

You do not report a sale of the stock.  

If you’ve owned the stock for more than a year, you get to take the current value as a charitable deduction if you itemize and you don’t have to pay tax on the appreciation.   

Take a look at this link for a detailed explanation and look at the section titled Benefits: 

 https://www.mystockoptions.com/faq/index.cfm/catID/5A5E2B2B-07F0-4E14-9C1C838BB003BE7E/objectID/D943...

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
AlanT
Expert Alumni

I donated $54000. in stock to a university. How do I record?

You would record this as a charitable deduction on Schedule A.  You get to deduct the Fair Market Value of the gift of the stock at the time the gift was made.  

You do not report a sale of the stock.  

If you’ve owned the stock for more than a year, you get to take the current value as a charitable deduction if you itemize and you don’t have to pay tax on the appreciation.   

Take a look at this link for a detailed explanation and look at the section titled Benefits: 

 https://www.mystockoptions.com/faq/index.cfm/catID/5A5E2B2B-07F0-4E14-9C1C838BB003BE7E/objectID/D943...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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