Clinton C. asked
My parents gifted land and a home to a trust in 2008 with a fair market value of $517,700, but the gift amount was $386,872. They each filed a gift tax return showing a gift of $193,436, with a basis of $97,250 each. Why is the basis different from the gifted amount, and how will this affect capital gains when we sell the property?
January 16th, 2024
Evelyn R. answered
The basis is different from the gifted amount because the basis represents the original purchase pri...
January 16th, 2024
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