I think I figured your issue out, which was the same as my issue. I still have questions , but I think I've answered the main ones for myself. Schedule A, Column D is the same basis you would use if you were selling the property at market value. Column F is the value of the gift which is the different between the basis and the fair market value. When I do it that way the math works. I also found out that you can only put one recipient on the main Schedule A. Any additional recipients are supposed to be on a Schedule A Continuation Page. There is a program available that helps with that and costs $49.95. I don't think I am allowed to share the source, but Google it if interested.
