Donar Advised Fund, Turbo Tax asking for tax basis

[DavidEH]

I am using Turbo Tax Premier and I am stumped at entry for charitable contributions for a Donar Advised Fund.   

If giving appreciated stock directly to the charity you do not need a tax basis.    TT is asking for one on the form.

If giving appreciated stock directly to the charity you do not need the basis, so what should one enter .    Do you have to give them a number for the basis.   

Thanx,

Dave H. 

[hbl3973 · Accepted solution]

DavidEH,

There is an edge case of contributions to a private nonoperating foundation where the tax basis is needed.

But the tax basis is never needed for "qualified appreciated stock" which is defined as

" ... any stock in a corporation that is capital gain property and for which market quotations are readily available on an established securities market on the day of the contribution. But stock in a corporation doesn't count as qualified appreciated stock to the extent you and your family contributed more than 10% of the value of all the outstanding stock in the corporation."

So you are almost surely welcome to ignore that basis question.

[DavidEH]

Thanks for the reply.     Turbo Tax kept prompting me to put in an entry for the block asking for a tax basis.   I will try to see if I can bypass this block and continue on with my taxes. 

[hbl3973 · Accepted solution]

Just put in zero and full speed ahead.

[DavidEH]

Thanx.    Seeing DAF amount to 16% or more of charitable giving, TT should make filling this block out a little easier.     But 0 will work as no tax basis is needed for giving appreciated stock directly to the DAF.    

[rdg6]

Appreciate the insight on this.  One other question: TurboTax also asks for "acquisition date" for stocks given to a DAF, which also seems irrelevant.  Can I just put in any date?

[RobertB4444]

Yes, you can enter any date in that space.

@rdg6