Does donation count for 2017 if donated fund shares do not settle until 2018?

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fundseeker
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Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by fundseeker » Sun Dec 31, 2017 9:57 am

I read the tax code and am confident that this is deductible for 2017, but hearing thoughts from others would help me to decide whether to attempt to cancel my transaction.

On Friday, the 29th, VG Brokerage handled my transaction to donate appreciated shares to another firm. VG's records will show that the transaction happened in 2017, according to them. The other firm just told me (today, on 12/31/2017) that they see that transaction in their records, but, the transaction will not be complete until Tuesday, so their records will show it to be a 2018 transaction.

It seems to me that my deduction will qualify for 2017, since the money left my control in 2017, much like putting a check dated 12/31 in the mail, even though the recipient charity would not receive it until the following year.

Would someone please let me know if this will qualify as a 2017 deduction. If not, I may attempt to cancel it and fund it with cash. Thank you!!!

Gadget
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Gadget » Sun Dec 31, 2017 10:49 am

I was in a similar situation. I have a Fidelity DAF, but all my taxable stocks are at Vanguard as mutual funds. I thought I initiated a donation of appreciated shares well ahead of time, but called Fidelity Charitable to make sure. They said that mutual funds can take weeks to go into the account, and that even though I started the process in Dec 2017, it would not be complete/settled until 2018 and would only count as a deduction for 2018 taxes. I then canceled the transaction since I hadn't yet mailed in the signed form. I think if I had mailed the signed accompanying form I couldn't have canceled it.

On the same day, I transferred cash from my bank to my Fidelity brokerage account since they said transfers from a Fidelity brokerage account can occur same day. I think that was the 23rd or 24th. The problem is, the cash hasn't settled to my account even today in a way that I can transfer from my Fidelity brokerage to the Fidelity DAF. So I think I'm giving up on the DAF this year and just going to donate to a few charities with some of our 2018 charity allotment today.

fundseeker
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by fundseeker » Sun Dec 31, 2017 11:14 am

Gadget, Fidelity has have reps answering the phone today to maybe help you out. Good luck!

I have to believe that even if this other firm shows the donation for 2018, I can prove that it had left VG and was well on its way in 2017, and further along than just sticking a check in the mail to a church. If fact, I know of a church that is accepting checks as late as January 5, as long as the donor put 12/31/2017, on their check.

Anyone with thoughts about whether I am good for a 2017 donation?

cadreamer2015
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by cadreamer2015 » Sun Dec 31, 2017 11:34 am

My very recent experience with transferring common stock from Vanguard brokerage to Fidelity DAF was that Vanguard showed the shares leaving as of 12/19. For several days thereafter Fidelity showed the shares as “pending.” When the shares settled, Fidelity now shows the arrival date as 12/19/2017, the same date that Vanguard shows them leaving. Perhaps your experience will be similar.

In your case I would probably take the deduction in 2017 and hope for the best. After all, if you write a check and drop it in the mail of 12/30 but it is not deposited until 1/2 it still counts as a 2017 transaction. It seems reasonable that shares leaving your account on 12/29 should be treated as a 2017 transaction. But IANAL or a tax professional - just my opinion on an anonymous message board.
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pshonore
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by pshonore » Sun Dec 31, 2017 11:43 am

I believe VG or possibly the other firm will be sending you IRS Form 8283 as confirmation. The date on that form determines what tax year it belongs to.

Gill
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Gill » Sun Dec 31, 2017 11:51 am

You parted with dominion and control in 2017 and Vanguard did everything they needed to do to transfer the shares to the DAF. You have a 2017 deduction, no question in my mind.
Gill

fundseeker
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by fundseeker » Sun Dec 31, 2017 12:07 pm

I really appreciate the comforting replies. I have to believe that with my proof of faxing my request to VG last week and VG doing its part on 12/31, I have a 2017 deduction. But, of concern is that the other firm will likely not close/settle the transaction until Tuesday after the market opens, so their form will probably be showing a 2018 donation. Right now, my donor advised fund (DAF) apparently shows "0."

When I claim this substantial donation for '17, I wouldn't be surpirsed to have the IRS say let's see the support for it. If the other firm doesn't provide me a 2017 form (because they call it a 2018 donation), then I will have to track down the proof from VG that it was initiated on 12/31. I'd rather it not come to that, but I am pretty sure that other firm is going to call it a 2018 donation, unfortunately.

Anyone with additional thoughts?

pshonore
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by pshonore » Sun Dec 31, 2017 12:07 pm

Gill wrote:
Sun Dec 31, 2017 11:51 am
You parted with dominion and control in 2017 and Vanguard did everything they needed to do to transfer the shares to the DAF. You have a 2017 deduction, no question in my mind.
Gill
So the IRS form makes no difference??

ofckrupke
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by ofckrupke » Sun Dec 31, 2017 12:31 pm

fundseeker wrote:
Sun Dec 31, 2017 12:07 pm
Anyone with additional thoughts?
Different custodians, but similar experience to cadreamer's. The receiving organizations know what they are doing wrt documenting gifts, and understand both what's permissible by the IRS and expected by their donors. The very strong likelihood is that the charitable organization to which the gift in kind was targeted will, upon settlement, document 12/29/17 as the date of record for the gift, regardless of the length or end date of the settlement period.
Last edited by ofckrupke on Sun Dec 31, 2017 12:37 pm, edited 1 time in total.

fundseeker
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by fundseeker » Sun Dec 31, 2017 12:36 pm

ofckrupke, Thanks! I really like your answer, and I believe it's correct. The shares my DAF will receive will even be (or should be) valued at the NAV at COB on the 29th. I will try to relax, because my only options at this point are to have the other firm fund the new DAF with money I have there already, which can be done by midnight tonight, and try to cancel the pending transaction. But then, if they cannot cancel the pending transaction, then I will have twice the amount in the DAF that I want to have. That'd be a worst case scenario. Thanks again!

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HueyLD
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by HueyLD » Sun Dec 31, 2017 2:17 pm

fundseeker wrote:
Sun Dec 31, 2017 9:57 am
I read the tax code and am confident that this is deductible for 2017, but hearing thoughts from others would help me to decide whether to attempt to cancel my transaction.

On Friday, the 29th, VG Brokerage handled my transaction to donate appreciated shares to another firm. VG's records will show that the transaction happened in 2017, according to them. The other firm just told me (today, on 12/31/2017) that they see that transaction in their records, but, the transaction will not be complete until Tuesday, so their records will show it to be a 2018 transaction.
According to the IRS Pub 526, your contribution isn't delivered until the date the stock is transferred on the books of the charity.
Stock certificate.

A properly endorsed stock certificate is considered delivered on the date of mailing or other delivery to the charity or to the charity's agent. However, if you give a stock certificate to your agent or to the issuing corporation for transfer to the name of the charity, your contribution isn't delivered until the date the stock is transferred on the books of the corporation.
Substitute "shares" for "certificate" and "Vanguard" for "agent."

That's why charities I deal with recommend that donation of stocks be done at least a week before the last business day of the year.

fposte
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by fposte » Sun Dec 31, 2017 2:27 pm

I'm in a similar position, and the Fidelity rep said it counts as received when it's entered the house, as it were, so that if they received my appreciated stock in 2017 it would be dated then even if they didn't sort it into my account until 2018. I'm hoping that turns out to be true.

drew
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by drew » Sun Dec 31, 2017 2:44 pm

Kaye Thomas of Fairmark opines that the settlement date controls the year of deductibility.

http://fairmark.com/forum/read.php?4,67538

Cash
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Cash » Sun Dec 31, 2017 2:46 pm

Gadget wrote:
Sun Dec 31, 2017 10:49 am
On the same day, I transferred cash from my bank to my Fidelity brokerage account since they said transfers from a Fidelity brokerage account can occur same day. I think that was the 23rd or 24th. The problem is, the cash hasn't settled to my account even today in a way that I can transfer from my Fidelity brokerage to the Fidelity DAF.
That's interesting. Did you transfer the cash to a CMA or to a regular brokerage account? I've never had EFT cash remain unsettled for more than a day in my CMA. And does it show as unavailable even if you initiate the transfer from the Fidelity Charitable side of things?

ofckrupke
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by ofckrupke » Sun Dec 31, 2017 3:16 pm

drew wrote:
Sun Dec 31, 2017 2:44 pm
Kaye Thomas of Fairmark opines that the settlement date controls the year of deductibility.

http://fairmark.com/forum/read.php?4,67538
That may be so for the case discussed in that topic, but if a gift document explicitly waives any otherwise extant right to revoke the gift then the date of its signature should moot the settlement period (during which a generic transfer would otherwise/ostensibly be revocable). Can't speak to Fidelity but Schwab and Vanguard charitable both include such in their gift boilerplate.
Last edited by ofckrupke on Sun Dec 31, 2017 3:22 pm, edited 1 time in total.

fundseeker
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by fundseeker » Sun Dec 31, 2017 3:20 pm

Maybe the receiving fund with my DAF will just call it a 2017 donation. If not, and if IRS has an issue with it, I cannot imagine it would be disallowed, especially since at this point, VG completed their part three days before 2018, with the following two days being weekend days, and, at this point, while still in 2017, I have lost all ability to control those shares. I cannot stop the transaction and the funds are in or will be, at the next business day which just happens to be in 2018, in my DAF. Thanks for everyone's input! We will see. :)

diy60
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by diy60 » Sun Dec 31, 2017 3:46 pm

Fidelity says you have until 11:59pm tonight to hit the submit button. I was in a similar boat. I transferred over shares from another brokerage into my Fidelity brokerage account, shares did not show up until Friday. However, Fidelity Charitable system is always one day behind your Fidelity brokerage account and doesn't get updated until the nightly update from Fidelity Investments. So, my shares did not show up until Saturday morning logged on from the Fidelity Charitable side. I made my donation to the DAF and printed out a receipt/confirmation. The site said it could take 5 to 7 days to settle, so I believe I'm good to go. At least that's my position.

student
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by student » Sun Dec 31, 2017 4:04 pm

Cash wrote:
Sun Dec 31, 2017 2:46 pm
Gadget wrote:
Sun Dec 31, 2017 10:49 am
On the same day, I transferred cash from my bank to my Fidelity brokerage account since they said transfers from a Fidelity brokerage account can occur same day. I think that was the 23rd or 24th. The problem is, the cash hasn't settled to my account even today in a way that I can transfer from my Fidelity brokerage to the Fidelity DAF.
That's interesting. Did you transfer the cash to a CMA or to a regular brokerage account? I've never had EFT cash remain unsettled for more than a day in my CMA. And does it show as unavailable even if you initiate the transfer from the Fidelity Charitable side of things?
Same experience here. I think if you call them up, they will do a manual override so that you can use your fund.

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Devil's Advocate
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Devil's Advocate » Sun Dec 31, 2017 4:34 pm

In a little different situation I sent my favorite charity a donation to be charged to my credit card. Sent the form on the 23rd. It has not been processed by my credit card company yet. If it is not processed in 2017 can I deduct for my 2017 taxes?

I am thinking I may chance it either way since chance of audit would be low I would think.

DA

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HueyLD
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by HueyLD » Sun Dec 31, 2017 4:38 pm

see below.
Last edited by HueyLD on Sun Dec 31, 2017 4:40 pm, edited 1 time in total.

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HueyLD
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by HueyLD » Sun Dec 31, 2017 4:40 pm

Well, you may have a problem.

For credit cards, the contribution date for tax purpose is the date it is charged to your credit card.

pshonore
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by pshonore » Sun Dec 31, 2017 4:43 pm

HueyLD wrote:
Sun Dec 31, 2017 4:40 pm
Well, you may have a problem.

For credit cards, the contribution date for tax purpose is the date it is charged to your credit card.
What if you got a receipt from the charity dated on the donation date as part of the donation? I got one like that the other day. (It did post to my CC on the same day though; don't most cc statements show a transaction date?)

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HueyLD
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by HueyLD » Sun Dec 31, 2017 4:45 pm

pshonore wrote:
Sun Dec 31, 2017 4:43 pm
HueyLD wrote:
Sun Dec 31, 2017 4:40 pm
Well, you may have a problem.

For credit cards, the contribution date for tax purpose is the date it is charged to your credit card.
What if you got a receipt from the charity dated on the donation date as part of the donation? I got one like that the other day. (It did post to my CC on the same day though; don't most cc statements show a transaction date?)
Sure, the receipt is the best proof.

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Artsdoctor
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Artsdoctor » Sun Dec 31, 2017 5:22 pm

Please see the clarifications below:

https://www.vanguardcharitable.org/reso ... nformation

Among other things, Vanguard Charitable is pretty clear on this:

*Contributions of securities and mutual funds held at Vanguard entered online with electronic authorization (connecting through to Vanguard.com), can be received through end of day December 31st for a 2017 deduction. Please consult your tax advisor for questions regarding your personal tax situation.

**To ensure a 2017 tax deduction, all checks and stock certificates sent via mail must be USPS postmarked by December 31, 2017. We highly recommend obtaining a post office receipt. Proof of send from a different carrier, such as UPS or FedEx does not qualify as valid documentation for a year-end tax deduction. Note: December 31st is a Sunday, please plan accordingly.

When I've transferred assets to Vanguard Charitable, there is an time stamp for Date and Time of receipt. That time stamp may be "after hours" and the transaction may not be processed until the next business day. The information on Vanguard Charitable's website would suggest that the time stamp will be what decides the year of the donation.

123
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by 123 » Sun Dec 31, 2017 6:27 pm

What everyone has to realize is that it is basically the same as trade date versus settlement date. Trade date is the date that you buy/sell/gift a security and settlement date is the date the securities move is finished and it "arrives" at its destination. Trade date is the controlling date for when you gain/lose control of the security.
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by cherijoh » Sun Dec 31, 2017 7:11 pm

Gadget wrote:
Sun Dec 31, 2017 10:49 am
I was in a similar situation. I have a Fidelity DAF, but all my taxable stocks are at Vanguard as mutual funds. I thought I initiated a donation of appreciated shares well ahead of time, but called Fidelity Charitable to make sure. They said that mutual funds can take weeks to go into the account, and that even though I started the process in Dec 2017, it would not be complete/settled until 2018 and would only count as a deduction for 2018 taxes. I then canceled the transaction since I hadn't yet mailed in the signed form. I think if I had mailed the signed accompanying form I couldn't have canceled it.

On the same day, I transferred cash from my bank to my Fidelity brokerage account since they said transfers from a Fidelity brokerage account can occur same day. I think that was the 23rd or 24th. The problem is, the cash hasn't settled to my account even today in a way that I can transfer from my Fidelity brokerage to the Fidelity DAF. So I think I'm giving up on the DAF this year and just going to donate to a few charities with some of our 2018 charity allotment today.
I can attest to the "it can take weeks" part. I opened my Fidelity DAF at the end of January this year and it took ~2 weeks to get the shares transferred from Vanguard. (My guess is that was a slow time for donations, so I'm sure December - especially THIS December- is a lot worse). I procrastinated about doing another donation of appreciated shares and waited too long for it to count in 2017.

But then after the new tax law passed and I read about 2017 year end strategies on the infamous Boglehead thread, I decided to send in a "cash donation" i.e., a check out of my credit union checking account. I paid for expedited delivery (guaranteed by Friday 12/29). Yesterday morning, I got an email from the DAF that my donation had been processed. When I logged into my account, the donation was there with a posted date of Friday 12/29.
cadreamer2015 wrote:
Sun Dec 31, 2017 11:34 am
My very recent experience with transferring common stock from Vanguard brokerage to Fidelity DAF was that Vanguard showed the shares leaving as of 12/19. For several days thereafter Fidelity showed the shares as “pending.” When the shares settled, Fidelity now shows the arrival date as 12/19/2017, the same date that Vanguard shows them leaving. Perhaps your experience will be similar.

In your case I would probably take the deduction in 2017 and hope for the best. After all, if you write a check and drop it in the mail of 12/30 but it is not deposited until 1/2 it still counts as a 2017 transaction. It seems reasonable that shares leaving your account on 12/29 should be treated as a 2017 transaction. But IANAL or a tax professional - just my opinion on an anonymous message board.
This is what also happened with my original donation of shares from Vanguard. Vanguard and Fidelity show the transaction as occurring on the same date.

cherijoh
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by cherijoh » Sun Dec 31, 2017 7:28 pm

Devil's Advocate wrote:
Sun Dec 31, 2017 4:34 pm
In a little different situation I sent my favorite charity a donation to be charged to my credit card. Sent the form on the 23rd. It has not been processed by my credit card company yet. If it is not processed in 2017 can I deduct for my 2017 taxes?

I am thinking I may chance it either way since chance of audit would be low I would think.

DA
I made a bunch of charitable donations via credit card this past week, but I went online to the charities' websites instread of mailing in a donation and providing my credit card info. I wouldn't be surprised if the issue was that the charity had minimal staff (if any) for the entire week of Christmas.

I started doing this several years ago for my end-of-year donations after several charities sent me donation conformations showing early January donation dates even though I had mailed the checks on Dec 27 or 28th.

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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by pshonore » Sun Dec 31, 2017 7:53 pm

123 wrote:
Sun Dec 31, 2017 6:27 pm
What everyone has to realize is that it is basically the same as trade date versus settlement date. Trade date is the date that you buy/sell/gift a security and settlement date is the date the securities move is finished and it "arrives" at its destination. Trade date is the controlling date for when you gain/lose control of the security.
I think the answer if its going between different brokers. As an example, if I direct broker A send shares to broker DAF B for donation, doesn't B have to sell the shares

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Artsdoctor
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Artsdoctor » Sun Dec 31, 2017 8:13 pm

cherijoh wrote:
Sun Dec 31, 2017 7:28 pm
Devil's Advocate wrote:
Sun Dec 31, 2017 4:34 pm
In a little different situation I sent my favorite charity a donation to be charged to my credit card. Sent the form on the 23rd. It has not been processed by my credit card company yet. If it is not processed in 2017 can I deduct for my 2017 taxes?

I am thinking I may chance it either way since chance of audit would be low I would think.

DA
I made a bunch of charitable donations via credit card this past week, but I went online to the charities' websites instread of mailing in a donation and providing my credit card info. I wouldn't be surprised if the issue was that the charity had minimal staff (if any) for the entire week of Christmas.

I started doing this several years ago for my end-of-year donations after several charities sent me donation conformations showing early January donation dates even though I had mailed the checks on Dec 27 or 28th.
Interesting take. The IRS is very clear that you take the charitable contribution in the year that a payment was mailed, not received. If you mail a check on 12/31 and it's cashed two weeks later, you take the deduction in the year it was mailed. It wouldn't hurt to get a receipt at the post office if you're going to wait until the last minute.

If you call in to make a donation with your credit card and it doesn't show up on your bill until January, then I'd think you'd have a hard time taking the deduction in the year you made the phone call. However, if you have proof that you made an online donation 12/31 and it doesn't show up until 1/15, then I'd presume you're safe since you have a confirmatory time stamp of when you've made the donation (much the same way as you have the post office proof of mailing).

This year forced people, on many levels, to make decisions at the last minute, which is never the position you'd want to be in.

cherijoh
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by cherijoh » Sun Dec 31, 2017 8:31 pm

Artsdoctor wrote:
Sun Dec 31, 2017 8:13 pm
cherijoh wrote:
Sun Dec 31, 2017 7:28 pm
Devil's Advocate wrote:
Sun Dec 31, 2017 4:34 pm
In a little different situation I sent my favorite charity a donation to be charged to my credit card. Sent the form on the 23rd. It has not been processed by my credit card company yet. If it is not processed in 2017 can I deduct for my 2017 taxes?

I am thinking I may chance it either way since chance of audit would be low I would think.

DA
I made a bunch of charitable donations via credit card this past week, but I went online to the charities' websites instread of mailing in a donation and providing my credit card info. I wouldn't be surprised if the issue was that the charity had minimal staff (if any) for the entire week of Christmas.

I started doing this several years ago for my end-of-year donations after several charities sent me donation conformations showing early January donation dates even though I had mailed the checks on Dec 27 or 28th.
Interesting take. The IRS is very clear that you take the charitable contribution in the year that a payment was mailed, not received. If you mail a check on 12/31 and it's cashed two weeks later, you take the deduction in the year it was mailed. It wouldn't hurt to get a receipt at the post office if you're going to wait until the last minute.

If you call in to make a donation with your credit card and it doesn't show up on your bill until January, then I'd think you'd have a hard time taking the deduction in the year you made the phone call. However, if you have proof that you made an online donation 12/31 and it doesn't show up until 1/15, then I'd presume you're safe since you have a confirmatory time stamp of when you've made the donation (much the same way as you have the post office proof of mailing).

This year forced people, on many levels, to make decisions at the last minute, which is never the position you'd want to be in.
All the online donations I made from charities websites popped up a "thank you for your donation" confirmation with the date and the amount, which I printed out. Most of them followed up almost immediately with an automated email receipt similar to what I had already printed out. I archived these into an email folder. So I am confident that I won't have an audit issue with my donations.

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Devil's Advocate
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Devil's Advocate » Mon Jan 01, 2018 6:40 am

cherijoh wrote:
Sun Dec 31, 2017 8:31 pm
Artsdoctor wrote:
Sun Dec 31, 2017 8:13 pm
cherijoh wrote:
Sun Dec 31, 2017 7:28 pm
Devil's Advocate wrote:
Sun Dec 31, 2017 4:34 pm
In a little different situation I sent my favorite charity a donation to be charged to my credit card. Sent the form on the 23rd. It has not been processed by my credit card company yet. If it is not processed in 2017 can I deduct for my 2017 taxes?




I am thinking I may chance it either way since chance of audit would be low I would think.

DA
I made a bunch of charitable donations via credit card this past week, but I went online to the charities' websites instread of mailing in a donation and providing my credit card info. I wouldn't be surprised if the issue was that the charity had minimal staff (if any) for the entire week of Christmas.

I started doing this several years ago for my end-of-year donations after several charities sent me donation conformations showing early January donation dates even though I had mailed the checks on Dec 27 or 28th.
Interesting take. The IRS is very clear that you take the charitable contribution in the year that a payment was mailed, not received. If you mail a check on 12/31 and it's cashed two weeks later, you take the deduction in the year it was mailed. It wouldn't hurt to get a receipt at the post office if you're going to wait until the last minute.

If you call in to make a donation with your credit card and it doesn't show up on your bill until January, then I'd think you'd have a hard time taking the deduction in the year you made the phone call. However, if you have proof that you made an online donation 12/31 and it doesn't show up until 1/15, then I'd presume you're safe since you have a confirmatory time stamp of when you've made the donation (much the same way as you have the post office proof of mailing).

This year forced people, on many levels, to make decisions at the last minute, which is never the position you'd want to be in.
All the online donations I made from charities websites popped up a "thank you for your donation" confirmation with the date and the amount, which I printed out. Most of them followed up almost immediately with an automated email receipt similar to what I had already printed out. I archived these into an email folder. So I am confident that I won't have an audit issue with my donations.
Well I lucked out. The donation was charged to my CC on 12/29. Lesson learned.

Thanks Bogleheads

DA

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Earl Lemongrab
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Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Earl Lemongrab » Mon Jan 01, 2018 12:58 pm

Here's Fidelity's information on contribution status:
Pending Receipt
Fidelity Charitable has received notification of your intent to make a contribution and is awaiting receipt of the asset.

Asset Received*
Fidelity Charitable has received the contribution. If it is a security, Fidelity Charitable will next initiate the trade.

Trade Initiated
Fidelity Charitable has initiated the liquidation process.

Received, Pending Settlement
Fidelity Charitable is in the process of investing the contribution. Please allow the following amount of time for settlement:

Check: Generally 1-2 business days after the check has been received
Mutual fund: Generally 2-3 business days after the trade date
Stock: Generally 3-4 business days after the trade date
Other Contributions: Please call a Fidelity Charitable representative.

* Contributions are generally eligible for tax deductions in the calendar year in which they are made. For checks, the contribution is effective for income tax purposes on the date it is mailed.
Mine is in the final category. The details for it are:
Contribution Type: Asset Held at Fidelity
Submitted Date: 12/29/2017
Received Date: 12/29/2017
Trade Date: 12/29/2017
Settlement Date: 01/03/2018
12/29 is when the assets left my brokerage account. I'm confident that this is a 2017 contribution, regardless of the settlement date in 2018.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

fposte
Posts: 1230
Joined: Mon Sep 02, 2013 1:32 pm

Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by fposte » Mon Jan 01, 2018 1:03 pm

Earl, where on the Fidelity site are you getting that information? I'd love to find that for mine.

pshonore
Posts: 6423
Joined: Sun Jun 28, 2009 2:21 pm

Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by pshonore » Mon Jan 01, 2018 1:28 pm

fposte wrote:
Mon Jan 01, 2018 1:03 pm
Earl, where on the Fidelity site are you getting that information? I'd love to find that for mine.
If you log into your Fido account, look at your account list on the left hand side. Scroll to the bottom and you should see your Charitable Giving Account link. Click to go to that site and look for history. I believe you can also log into charitablegift.fidelity.com with the appropriate id and password

User avatar
Earl Lemongrab
Posts: 5815
Joined: Tue Jun 10, 2014 1:14 am

Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by Earl Lemongrab » Mon Jan 01, 2018 1:46 pm

fposte wrote:
Mon Jan 01, 2018 1:03 pm
Earl, where on the Fidelity site are you getting that information? I'd love to find that for mine.
Log into the Charitable Giving site. I have it linked to my main Fidelity page. There one of the menu bar selections is Contribute, which has options including Manage scheduled contributions.

On that page should be a link Edit Contributions View or cancel contributions you have already scheduled.

There I find a section for MOST RECENT CONTRIBUTIONS that shows the contribution, its status, and a View that brings ups the information I showed. That has a link to explain the status.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

fposte
Posts: 1230
Joined: Mon Sep 02, 2013 1:32 pm

Re: Does donation count for 2017 if donated fund shares do not settle until 2018?

Post by fposte » Mon Jan 01, 2018 1:50 pm

Thanks. Looks like mine isn't close enough to document in there yet. We'll see what date they come up with when it finally processes.

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