nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

How do you record the charity deduction upon the transfer of a stock to your donor advised fund?

Andrew Levine

Find more posts tagged with

Comments

Tom Young

Here's one way of handling this situation:

https://community.quicken.com/discussion/comment/20033933#Comment_20033933

A "workaround" of some sort is needed here because Quicken is a classical double entry conventional accounting system and the disposal of a stock, (assumed to be worth more than what you paid for), creates a capital gain. But if you want Quicken to present information that's in line with the "statutory" accounting allowed by the IRS - no capital gain recognized but a charitable deduction claimed - you have to resort to some trickery.

q_lurker

The stock donation method I use is documented here:
https://community.quicken.com/discussion/7114305/categorize-donations-from-brokerage-account

In my perspective, the fact that it is to a donor advised fund is immaterial. At the time of the gift, the assets are out of your net worth; you have directly acquired the tax deduction. The deal is done.

That the DAF may allow you to direct the investment strategy and specific grants to charities is a separate consideration. You are not -- at that time and in that manner -- managing your assets. Some users have wanted to include that DAF account within their personal Quicken file, but I would (do) not choose to do that myself.