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surfer100
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I have the FMV and contribution date, but not the date acquired/cost basis. Turbotax online won't let me proceed without those. Any thoughts?

 
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I have the FMV and contribution date, but not the date acquired/cost basis. Turbotax online won't let me proceed without those. Any thoughts?

I assume that you are speaking about entering charitable contributions into the Schedule A/Itemized Deductions area.

As you probably know, TurboTax needs to know the cost basis in order to see if the item has appreciated in value (it asks this for items over a certain amount in value). For many items, you can't deduct the appreciated value (unless the object is to be used by the charity in its original purpose, like art to an art museum) but only the amount that you have invested in it (cost basis).

You need to make your best and most reasonable guess on date and acquisition price, and then write down what you guessed (and why) and keep this in your tax files, in case the IRS writes you a letter about this.

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I have the FMV and contribution date, but not the date acquired/cost basis. Turbotax online won't let me proceed without those. Any thoughts?

I assume that you are speaking about entering charitable contributions into the Schedule A/Itemized Deductions area.

As you probably know, TurboTax needs to know the cost basis in order to see if the item has appreciated in value (it asks this for items over a certain amount in value). For many items, you can't deduct the appreciated value (unless the object is to be used by the charity in its original purpose, like art to an art museum) but only the amount that you have invested in it (cost basis).

You need to make your best and most reasonable guess on date and acquisition price, and then write down what you guessed (and why) and keep this in your tax files, in case the IRS writes you a letter about this.

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