Thanks. But also, to verify, from the IRS's website, below is the part I also have a question about. Given the gift will definitely be greater, MY adjusted cost basis will be at the time "just before the donor made the gift".
So from that I read, it's not 1986 I should be looking at, but 2008 when it was gifted. Can anyone confirm?
If the FMV of the property at the time the donor made the gift is equal to or greater than the donor's adjusted basis, your adjusted basis is the donor's adjusted basis just before the donor made the gift, increased or decreased by any required adjustments to basis while you held the property.
