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If you contribute property with a fair market value (FMV) that is more than your basis in it, you may have to reduce the fair market value by the amount of appreciation (increase in value) when you figure your deduction.
Your basis in property is generally what you paid for it. If you need more information about basis, see Pub. 551.
Different rules apply to figuring your deduction, depending on whether the property is:
Ordinary income property, or
Capital gain property. - Amount of deduction—General rule. When figuring your deduction for a contribution of capital gain property, you generally can use the FMV of the property.
I am working with the Premium version of TurboTax and it appears there is no way to enter a bargain sale to charity. I have a 8263 form all filled out and there is absolutely no way to enter the information and generate a proper 8263 form. All it will generate is a worksheet that is pretty much worthless. Very frustrating.
I meant form 8283.
Error is still present for 2019.
Claimed deduction should be the diff in the FMV and the bargain sale. Still showing claimed deduction as the full FMV. Unsure how this is impacting things.
I have the same problem but I think you mean Form 8283. There is a work sheet but it doesn't allow me to enter the data wanted on 8283
Form 8283 for Non-Cash Charitable Donations has not yet been finalized by the IRS.
The scheduled date is 1/20/2022.
Click this link for a listing of Federal Tax Form Availability.
Same problem re Bargain Sale. Work sheet won't allow a bargain sale and program won't allow direct entry in the 8283
@art32 see the answer from @DianeW above.
It is a good idea to first clear your cache and cookies - which means removing all of the temporary programs that can gum up your web browser. If that doesn't work, try using a different web browser.
If that doesn't work I would recommend using the "Live Expert" help in the right upper corner to see if having someone walk you through helps.
Here is a link on how to clear your cache and cookies.
Here is a link to finding a TurboTax expert.
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