Re: Incorrect FMV for charitable gifts on Form 8283.

msindc1 · ‎10-03-2023

I have a client who donated some appreciated stock to her donor advised fund. The basis was $1,541 and the value was $5,111. I entered these figures in Screen 26.

Form 8283 is reporting that the donor's cost was $1,541 and the fair market value was $38,242.

I cannot figure out why Lacerte thinks that the FMV was $38,242 and not the actual $5,111!

When I go to the form and Jump to Input, it puts the cursor in the field for "1=deductible amount determined on Form 1098-C, 2=equivalent". Changing that changes nothing. I cannot see anything in Screen 26 that seems to relate.

What else can I do that would tell me where that figure is coming from?!

Micah

PhoebeRoberts · ‎10-04-2023

Input:

Output:

msindc1 · ‎10-04-2023

Phoebe:

Thanks for responding.

What you've got is exactly what I've got in screen 26, and yet my Form 8283 Part I column H amount is $38,242!

Is there a way to trace where that number comes from?

Micah

Strongsilence-CPA · ‎10-04-2023

The method I use is Catalog.

I don't pick an AGI limitation.

msindc1 · ‎10-04-2023

The question relates not to general inputs for these transactions but determining where the Form 8283 inputs are. The method of valuation and AGI limitation fields do not impact that.

Strongsilence-CPA · ‎10-04-2023

I tried. You know about Form 26 and the deduction override which is Code 9. You might need to call tech support and submit the file for them to find ghost entries.

msindc1 · ‎10-04-2023

Yup. Ultimately, that is what I have had to do.

Lacerte seems to create a strange number for the deduction amount based on whatever you type for the FMV of the donated property. I don't know how it generates that number, though the number varies depending on whether you select high or low (or something like that).

The only way I could get the return to show the right data was to use the override "Contribution deduction" field. It leaves the FMV field on the Form 8283 blank, which is not ideal, but it populates Line 12 (gifts to charity other than cash) with the correct number.

So I guess the workaround is to use the override.

Thanks all!

PhoebeRoberts · ‎10-04-2023

There's a glitch in that charitable item. Delete the whole entry and re-enter it.