DAF donations and IRS Form 8283--2 questions

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mookie
Posts: 115
Joined: Sun Jul 12, 2015 1:35 pm

DAF donations and IRS Form 8283--2 questions

Post by mookie » Thu Mar 14, 2019 9:06 pm

I donated stocks through my Fidelity DAF and received Form 8283. Turbotax asks me to enter information about those stocks.
--is there a way to upload this information directly to Turbotax without having to manually enter each stock sale?
--Form 8283 does not list the date of original acquisition or the cost basis, nor is it listed on the contribution confirmation. Where can I find this information?

inbox788
Posts: 6581
Joined: Thu Mar 15, 2012 5:24 pm

Re: DAF donations and IRS Form 8283--2 questions

Post by inbox788 » Thu Mar 14, 2019 11:24 pm

mookie wrote:
Thu Mar 14, 2019 9:06 pm
I donated stocks through my Fidelity DAF and received Form 8283. Turbotax asks me to enter information about those stocks.
--is there a way to upload this information directly to Turbotax without having to manually enter each stock sale?
--Form 8283 does not list the date of original acquisition or the cost basis, nor is it listed on the contribution confirmation. Where can I find this information?
How many stocks and total value of donations? As long as the stocks are held over 1 year, they should be good. I'd see if using Various and one of the dates longer than 1 year away would suffice. The final numbers shouldn't change, even if you put $0 for cost basis.
If you are donating a group of similar items and you acquired the items on various dates (but have held all the items for at least 12 months), you can enter “Various.”
https://www.irs.gov/pub/irs-pdf/i8283.pdf

The form you filled out to make the donation should contain some or all of the information you see. Did you save a copy?

senex
Posts: 287
Joined: Wed Dec 13, 2017 4:38 pm

Re: DAF donations and IRS Form 8283--2 questions

Post by senex » Fri Mar 15, 2019 10:20 am

mookie wrote:
Thu Mar 14, 2019 9:06 pm
--Form 8283 does not list the date of original acquisition or the cost basis, nor is it listed on the contribution confirmation. Where can I find this information?
For the acquisition date, Fidelity doesn't know it -- you need to find it in your own records (find the purchase record in the brokerage account in which you bought them). If it was so long ago that you can't find the records, the instructions say you can approximate it.

For cost basis, the instructions for column (g) say you can leave it blank for publicly traded securities you had owned for more than one year.

If you owned the shares longer than a year, these fields have no impact on your deduction. I don't stress about it. The reason they ask is because for shares held less than one year, your deduction is limited to the smaller of "market value on date of donation" and "your cost basis." They need the date to know if you're short or long term, and if you're short term, they need the cost basis to calculate the "smaller of" calculation.

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