FORM 8283, HOW DO YOU OVERRIDE THE DEFAULT DEDUCTION FROM FMV TO COST? COST IS MUCH LESS THAN FMV.

[George4Tacks · Accepted solution]

Just go two entry points below the entry for FMV - "Contribution deduction (default to FMV) [O]" and enter the cost 

[jrcutsforth-cfunet12]

I did this and it will not override the FMV amount.  It only works when I leave the FMV blank and then it does not show on the form???  Thanks for your response.

[George4Tacks]

@jrcutsforth What type of property is being donated? Appreciated stock?

[George4Tacks]

@jrcutsforth It does work, you need to look at what ends up on Schedule A

[jrcutsforth-cfunet12]

I did look and the FMV ends up on Schedule A, not the basis.  It is cairn piece that he created and it has increased enormously over his cost he has in it.

[George4Tacks]

Hmm? Cairn piece is fairly new to my vocabulary. I assume ordinary income if it were sold, so cost is the correct number to use.

[jrcutsforth-cfunet12]

That is what I am trying to use....but I cannot override the FMV figure, why doesn't LaCerte let me do it?