AmyC
Expert Alumni

Get your taxes done using TurboTax

The starting point is the gift in  2001. You receive the basis the donor had. Then you add and subtract since you had storm damage and improvements. See What is the definition of cost basis?

 

Starting point example:

If the cabin was built in 1950 for $800 and kept being given, then your basis would be $800.

If you had inherited the cabin, it would be for the value on date of death.

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