mattgutz
Level 3
03-16-2023
10:24 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The gift is stock with a FMV of $65k. This will go on Schedule A up the contribution limits. Is it safe to assume it will also go on Form 8283 for noncsh contributions? I also do not see the sale of stock on any 1099-B?
This is my first go around with donor advised funds. Any help is greatly appreciated!
This is my first go around with donor advised funds. Any help is greatly appreciated!
Labels
Level 11
03-16-2023
11:31 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Assuming publicly-traded security owned for more than a year.
Yes, you should ensure it goes on Part I of the 8232. 30% of AGI limitation applies. There's no sale on the 1099-B, because your guy didn't sell anything. FMV is the average of the high and low on the donation date; don't assume the acknowledgement letter uses the correct value.
George4Tacks
Level 15
03-16-2023
06:13 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
FYI - It goes with the $5,000 OR LESS donations, if it is publicly traded.
From the instructions for 8283:
Use Section A to report donations of property for which
you claimed a deduction of $5,000 or less per item or
group of similar items (defined later). Also use Section A
to report donations of publicly traded securities;
Answers are easy. Questions are hard!