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olneymon
New Member

I made a donation of stock to a charity-where do i report this

I have a capital gain on the stock and a donation receipt for the full value of the stock
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Accepted Solutions
TurboTaxMonica1
New Member

I made a donation of stock to a charity-where do i report this

There are two things to report: 1) capital gain on the disposition of your stock, and 2) charitable donation.

1) Capital Gain

In the navigation bar, click on Income > Investments. It will bring you to "Your Investments Profile for 2016". Make sure the check the first box. Continue with the interview to enter in the amounts related to the disposition of your shares.

2) Donations

In the navigation bar, click on Deductions > Payments Profile > Donations Profile. It will bring you to "Your Donations Profile for 2016". Assuming this is not a US donation, you would want to check the box in the 3rd row. Continue with the interview to enter in the fair market value (this should equal to the proceeds you entered in the "capital gain" section) of the shares at the time of donation as the donation amount.

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3 Replies
TurboTaxMonica1
New Member

I made a donation of stock to a charity-where do i report this

There are two things to report: 1) capital gain on the disposition of your stock, and 2) charitable donation.

1) Capital Gain

In the navigation bar, click on Income > Investments. It will bring you to "Your Investments Profile for 2016". Make sure the check the first box. Continue with the interview to enter in the amounts related to the disposition of your shares.

2) Donations

In the navigation bar, click on Deductions > Payments Profile > Donations Profile. It will bring you to "Your Donations Profile for 2016". Assuming this is not a US donation, you would want to check the box in the 3rd row. Continue with the interview to enter in the fair market value (this should equal to the proceeds you entered in the "capital gain" section) of the shares at the time of donation as the donation amount.

Joyfull
New Member

I made a donation of stock to a charity-where do i report this

This seems dated.   CRA 's 2021 info  asks for a T1170 form to be filled in .  I can't tell if the program is doing this or not!    I hate the new #!%&#  format that doesn't let you look at the forms, but only guides you to fill in info.  So Paternalistic! Next year I will try a different  program.

TurboTaxSusan
Moderator

I made a donation of stock to a charity-where do i report this

To fill in the T1170 in TurboTax Online:

  1. Click on the find icon at the top-right corner of the page.
  2. Type "cap" in the search bar, select "Capital Gains and Capital Gains Deduction Profile" from the list and click " Go".
  3. On the page titled "Your Capital Gains Profile for 2021", select "Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report". Click "Continue".
  4. Here, select the 'Type of capital property disposed of' as "Mutual Funds/Shares (T1170 Gifts)" and enter in the rest of your information.

 

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