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Donor qualified charities

I saw a few posts but did not have a concrete answer. Please clarify

1. Looks like you can remove shares — transfer & add shares but then not on tax report as charity
2. I saw mention of using miscellaneous expense. But that adds credit to quicken. So then do you have to sell shares to create debit ? Even though that is illegal. Then in donor account add shares . Then when grant remove . This works but a lot of work. Simpler way .

Comments

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    I am going to go out on a limb here and ASSUME that you are asking about making a charitable contribution to a qualified not-for-profit organization through the transfer of shares of publicly traded appreciated stock. Is that correct?

    If the answer is yes, a follow-up question, based on your reference to a "donor account," is: was the donation made to a donor advised fund and are you also seeking to track that account in Quicken going forward?


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  • MACHELP
    MACHELP Member ✭✭
    Yes to both. I saw several options to set up the account. Any tax deferred brokerage, a 529, and asset. I went with the 529 to start. As that kind of keeps it a bit separate. I hope that clarifies my questions now you that you know the context
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Here's how I would affect the transactions in Quicken:

    1) When the stock is transferred to the donor advised fund (DAF) I would record this in the Quicken brokerage account as a "Remove - Shares Removed" transaction.  This will take the investment out of the account without affecting taxes, tax reporting or investment results in Quicken.  The downside of this approach is that the charitable donation will not be recorded in Quicken for tax purposes, however for tax filing purposes these are handled differently than ordinary donations (there are special forms required, valuation certifications, etc.) and Quicken doesn't have the capability to handle those things anyway.  Additionally, investment reporting may be adversely affected in Quicken.

    2) In order to track the activity and balance of the DAF going forward, I suggest that you add a "Separate Account" to your Quicken file.  This should be an Investment account where you should check "Keep this account separate - account will be excluded from Quicken reports and features" on the "Display Options" tab of the "Account Details" section.

    Hope this helps.

    It should be noted that tax laws and regulations are complex, that I am not providing tax or legal advice in this or any other posting, and Forum members should consult with their own tax and/or legal advisors before taking action.


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
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  • MACHELP
    MACHELP Member ✭✭
    For no. 2. Keep this account separate. I have not seen in the Mac version. Is it an option?
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    I use the Windows version and assumed that Mac had the same feature.  However I just did a search here and apparently Mac doesn't have it.  As an alternative, you could just start a second data file with that account only; not as convenient though.


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
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