1. Home
  2. Quicken Personal Finance
  3. Charitable Contribution of Securities

Charitable Contribution of Securities

I made a charitable contribution of some mutual fund shares by
transferring the shares from my account to the charity's account. This
allows me to take the value of the shares on the day of the transaction
as a charitable contribution, but I don't have to claim any capital
gains for these shares that were transferred. I can simply remove the
shares, but I don't know how to show the cash value of the contribution
in my contribution budget category. If I treat the transaction as a
sale and then a cash contribution, it would show up as a capital gain.
This would not be correct. How do others handle this type of transaction?
Chuck
Reply to
Chuck
Loading thread data ...
Once you know the exact dollar amount and date of the donation, do the following: 1) Use the Q "remove shares" transaction, using the date of the gift as the removed date. You'll probably want to remove shares with the LOWEST cost basis. 2) Use the Q "add shares" transaction to return the shares to the same portfolio, as of the same date. The "Price Paid" and the "Total cost" should be your DONATION amount. Taken together, steps 1 & 2 increase the cost basis of the donated shares to your donation amount, thus elimanating any CapGn on them. 3) Sell the newly added shares for the amount of the contribution. 4) Transfer the cash from step 3 to your "Charitable Contrib" category.
db
Reply to
danbrown

Site Timeline Threads

Related Threads

  • Letter for Charitable Contribution

  • For a charitable cash contribution of over $250, does a receipt which...

  • Is this a charitable contribution?

  • I really hope this isn't a stupid question, but for some reason it isnot...

  • charitable contribution to foreign church

  • "Married taxpayers were not allowed to deduct as charitable contributions under...

  • When Is Charitable Contribution By Check Deductable?

  • Hi,We made a charitable contribution, by check, in mid-December, 09. The...

  • Pay Invoice with a Charitable Contribution - how to?

  • I provided a charitable contribution in the form of a certificate for...

  • Need Opinion On Charitable Contribution Deductions

  • Three individuals form a corporation under the Nonprofit Corporation Act of...

  • Date of Charitable Contribution When the Bank Generates the Check?

  • Instead of writing a check and dropping it in the mail before the end of the...

  • Non-taxable part of contribution

  • In article ,snipped-for-privacy@panix.com (Seth) wrote:You're actually...

  • Processing/Handling of hidden securities

  • [Qkn Dlx 2015 R3 on Vista Ultimate SP2] Well, now that I have been able to make...

  • Carry-over of charitable contributions

  • For the past several years we have not been able to itemize on ourincome tax,...

  • Duplicate Securities

  • I inadvertanly created a 2nd name for a security and downloaded acouple of...

  • What is the limit of number of securities?

  • I admit I've got a pretty long list of securities and...

  • Charitable Deductions

  • Yes, it will. The tax law didn't put a new limit on charitable deductions....

  • Charitable Contributions

  • In article ,I don't recall that Bill specified whether the purpose was for...

  • Transfer of securities to new account (Q07Mac)

  • How can I transfer securities from one investment account to another without...

  • Getting rid of old securities in Quicken

  • When looking at a summary of investments in any particular account,one can click...

  • Charitable gift

  • "Chris Ruehrwein" wroteIf he sells the stock he'll pay tax on the gains he...

  • Charitable deductions

  • If you receive a personal benefit from your charitable contribution,then you...

  • Charitable Contributions

  • I recently received a question, and couldn't come up with a definitive...

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.