in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
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I have not had any issues with entering stock donations but have a related question regarding donation of appreciated, long call stock options. In general, my understanding is that these options contracts would also be treated as capital assets similar to stocks where if held <1 year, the cost basis is deductible and if held > 1 yr, the FMV is deductible. Both subject to the other limitations like 30% of AGI ....
Can anyone confirm if this is this correct way to determine deductible value for donated stock options? It feels like it should be correct but I have searched the tax code and internet up and down and cannot find this variation described explicitly.
Thanks
The response is correct. The date I was entering was not correct and if it was correct, it would have been short, not long.
When I entered the correct date, everything worked fine. Thank you.
Still having the same problem. The stocks I donated were held for >1 year, from various dates, of unknown cost basis. Tried to leave cost basis at 0, which TT won't allow me to submit with it blank.
Make the cost basis 0.01. Because of the rounding that is effectively zero and the program should allow it.
continue to have the same problem as of 041623 as noted here re charitable contributions of stock. Once I enter the correct cost basis, the deduction of the fair value pretty much goes away.
btw - if I enter the value oft he stock in the "stock original cost" cell, problem seems to disappear - at least with receiving what I believe is the correct effect of the donation on taxes due.
Anybody still having this issue? I am definitely entering the correct date acquired, which is > 1 year.
Thanks.
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