Discussion:Basic gift tax question
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> Basic gift tax question
| 18 August 2008 | |
| Am I correct that a gift of real estate has a carry-over basis to the recipient of the donor's basis (plus any improvements less depreciation)? Thus, when the recipient sells the gifted property he will recognize his gain/loss.
But, when filing a gift tax return at the time the gift is made (gift is well-over $12K), I must use the FMV on the date of the gift rather than the donor's cost basis? Therefore, I must have the FMV calculated using an appraisal or real estate tax return for the value? Sorry for such a basic question, but it has been a long day.... | |
| 18 August 2008 | |
| Yes, Harry, you are correct. Basis to recipient is donor's basis. Value of gift is FMV | |
To join in on this discussion, you must first
log in.
