Where do I enter donations of capital gain property?
Currently, FreeTaxUSA only supports capital gain property donations if they were contributed to 50% limit organizations and you elect to have them limited to the 50% limit. These are entered on the Donations to Charities (Menu Path: Deductions/Credits > Itemized Deductions > Donations) screen under Noncash Donations.
To choose the 50% limit for contributions of capital gain property to 50% limit organizations instead of the 30% limit that would otherwise apply, you must reduce the fair market value of the property contributed by the appreciation in value that would have been long-term capital gain if the property had been sold.
This choice applies to all capital gain property contributed to 50% limit organizations during a tax year. It also applies to carryovers of this kind of contribution from an earlier tax year.
You must make the choice on your original return or on an amended return filed by the due date for filing the original return.
To choose the 50% limit for contributions of capital gain property to 50% limit organizations instead of the 30% limit that would otherwise apply, you must reduce the fair market value of the property contributed by the appreciation in value that would have been long-term capital gain if the property had been sold.
This choice applies to all capital gain property contributed to 50% limit organizations during a tax year. It also applies to carryovers of this kind of contribution from an earlier tax year.
You must make the choice on your original return or on an amended return filed by the due date for filing the original return.
