Hi tagteam, I hope you can help a bit more. On form 709, I believe that Schedule A, Part 1, column D (Donor's adjusted basis of gift) would be my purchase cost + closing costs + capital improvements (none), all minus the value of the mortgage at the time of the transfer/assumption by my child.
Going from my example above (with my basis ending up at 1,000,000), column D would be 300,000. And I guess I would include an attachment outlining the numbers and calculations.
Does this sound right?
Thanks again.
