What was your charitable donation? Was it capital gain? Does the following apply to you?
"A special 30% limit applies to contributions of capital gain property to 50% limit organizations. (For contributions of capital gain property to other organizations, see 20% Limit, later.) However, the special 30% limit doesn't apply when you choose to reduce the fair market value of the property by the amount that would have been long-term capital gain if you had sold the property. "
See IRS Pub 526, page 14 - https://www.irs.gov/pub/irs-pdf/p526.pdf
What was your charitable donation? Was it capital gain? Does the following apply to you?
"A special 30% limit applies to contributions of capital gain property to 50% limit organizations. (For contributions of capital gain property to other organizations, see 20% Limit, later.) However, the special 30% limit doesn't apply when you choose to reduce the fair market value of the property by the amount that would have been long-term capital gain if you had sold the property. "
See IRS Pub 526, page 14 - https://www.irs.gov/pub/irs-pdf/p526.pdf
I am just joining this thread. As a result of a bargin sale,I have a contribution of capital gain property that is subject to the 30% of AGI limitation. How do I get the allocated FMV into TurboTax as the claimed deduction before the 30% limitation?
As you go through the charitable donation interview, the program will ask you how much this donation is worth. it will also ask when you purchased it and what the cost basis was at the time of purchase. Remember to enter this in as donated property and not as a cash contribution.