I was gifted stock, which I then donated. How do I input things into TurboTax to get a correct 8283?

[sapientia]

I received stock as a gift, which was a long-term holding from the giver. I then donated that stock within a year.

Does this stock still qualify to be given as a long-term holding? Is the date acquired the date that I was gifted the stock or the date that the gifter originally purchased the stock? TurboTax is asking me for the value of the gifted stock as well. Is the value the original cost basis of the stock from the original giver, the value when I received the stock, or the FMV when the stock was donated?

Additionally, TurboTax Online is not filling out my 8283 with the values I provide. Even if I designate the stock as being gifted and valued with average stock price, it keeps showing up in my 8283 as purchased and valued with comparative sales. Is there a way I can fix this?

[JamesG1]

IRS Publication 551, page 14 states:

Property Received as a Gift 

To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you, its fair market value (FMV) at the time it was given to you, and any gift tax paid on it.

This TurboTax Help explains that the cost basis for gifted property may vary based upon the fair market value of the gift when it was received compared to the donor's original cost basis.

We are not able to see within your income tax return.  The computation explained in the TurboTax Help explains that either the original cost basis or the fair market value may be reported upon disposition.  This computation explains the values that you are seeing on the IRS form 8283 Noncash Charitable Contributions.

The comparative sales may refer back to the possibility that the fair market value is being used rather than the original cost basis.

If the gifted stock was held long-term by the donor, then the gifted stock is considered long-term to you.

[sapientia]

Thanks for your response. I do want to use average sale price because that's how the FMV was determined when donating to the charity. However, on TurboTax Online, I cannot seem to indicate that I was gifted this stock, or that the valuation method was average sale price. The final 8283 always gets reverted. How can I force TurboTax to fill out the 8283 based on what I input?

[JamesG1]

Some TurboTax customers that have made donations from publicly traded stock shares may experience issues. 

When entering all required information regarding donations are not reporting on Form 8283 correctly.

See this TurboTax update.

@sapientia 

[jevaino]

James, the link for UPDATE in your reply is dead.

In Charities and Donations, the TurboTax page says "We need more details for donations over $500" for donations over that amount. I answer the "How did you get this stock?" question by entering "Inherited." Those entries do not carry over to  Form 8283, which always reads "Purchased." 
It might be that this doesn't affect calculations (?), but it still leaves Form 8283 incorrect.

[JamesG1]

Sorry that the link was not helpful.  I believe that that specific issue has been addressed.

The issue that you are describing is something that we would like to take a deeper look at if you would permit us.

I will need a diagnostic file which is a copy of your tax return that has all of your personal information removed.  You can send one to us by following the directions below.

TurboTax Online

1. Sign into your online account.
2. Locate the Tax Tools on the left-hand side of the screen. 
3. A drop-down will appear. Select Tools  
4. On the pop-up screen, click on “Share my file with agent.”
5. This will generate a message that a diagnostic file gets sanitized and transmitted to us.
6. Please provide the Token Number that was generated in the response.

TurboTax Desktop

1. Open your return.
2. Click the Online tab in the black bar across the top of TurboTax and select “Send Tax File to Agent” *
3. This will generate a message that a diagnostic copy will be created.  Click on Send and the tax file will be sanitized and transmitted to us.
4. Please provide the Token Number that was generated in the response.  

Thank you.

@jevaino

[sapientia]

Looking through my tax returns, it looks like some things have been fixed (I am now able to mark average share price for the valuation method), but as the previous responder mentioned, I am unable to mark the acquisition method as anything other than "Purchased". I've sent a diagnostic copy as mentioned and my token number is 1341528.

[user17739514295]

I am experiencing a similar issue - inputting donated stock that was given to me as a gift but form 8283 is showing 'Purchased' as to how it was acquired.  

[DaveF1006]

Enter this as a non-cash donation. Go to  Federal >Deductions & Credits> Charitable Donations >Noncash Donations. Once you begin your report, select items and stock or whatever classification you see when it asks about the charity.

Then you will be asked about the dates of the donation, type of donation and the donation value. Next few screens will ask about the stock itself.  From here you can finish the section. When it asks you the type of donation, indicate it's a gift. tehn it will ask what the cost basis is. Here you can put "0" unless you know what the original owner paid for it. 

When you get to the uncommon situations screen, mark none of these. If you select any of the other choices, you will open up a "Pandora's Box of reporting issues" you don't want.

Then it will ask for the address of the charity.  This is required on Form 8283 and will begin generating the form in your return.

[sapientia]

I do this but the 8283 still shows "Purchased" instead of "Gift".

[MonikaK1]

The experience you described was referred for investigation and confirmed as an issue. I was just advised that the developers are working on it and may have a solution in the first week of April. If you have not filed yet, update TurboTax and check the 8283 section after April 5th to see if the fix has been deployed.

@sapientia