Home Page link  

Charitable Contribution of Securities

  
Groups | Search | About
User Password
Register Now! Lost Password?

Quicken Personal Finance Discussions - Quicken - personal finance software discussions

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Charitable Contribution of Securities Chuck 05-21-2006
Posted by Chuck on May 21, 2006, 11:26 pm
Please log in for more thread options
 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

Posted by danbrown on May 22, 2006, 10:25 am
Please log in for more thread options
 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


Posted by Chuck on May 22, 2006, 10:17 pm
Please log in for more thread options
This worked - thanks for the help.

danbrown wrote:
> 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
>

Similar ThreadsPosted
Question on how to post charitable donation of time/expertise December 15, 2006, 12:28 pm
Re: Employer Contribution Not Vested July 2, 2006, 7:59 pm
Employer Contribution Not Vested April 11, 2006, 11:42 pm
How to record 401k contribution as _401KContrib? November 6, 2006, 8:10 pm
How to 401K Employer Contribution Corrected? November 18, 2006, 3:26 pm
rollover from 401k or IRA into another IRA treated as a contribution, why? March 11, 2007, 11:46 am
Defined Contribution Retirement Plan April 26, 2006, 11:57 pm
duplicate securities - did i ask before? September 15, 2007, 9:22 pm
Strange securities June 25, 2006, 6:09 pm
Getting rid of old securities in Quicken May 28, 2008, 11:07 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap