We are selling a Portion of cabin in Wisconsin.
For gain on sale purposes, what is the cost basis to use.
The cabin was gifted to us back in Year 2001.
Would I use a value of cabin at that point ( I have no idea what it would have been back then)
Then can I add any costs from that point until today. Note we had damage due to tornado back about 5 years ago, and had to pay $ 's that wasn't covered by insurance. Would these be part of cost Basis also?
