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Get your taxes done using TurboTax
date acquired - change it to the 2018 date. items acquired by gift are treated as being acquired on the date the donor acquired them. so the gain should be long-term. use the adjutment line on the 8949 to correct the cost. code B.
there is nothing for your father to report on his income tax return. since the gift amount is below the $15,000 per donee per year filing threshhold your father doesn't have to file a gift tax return.
‎April 25, 2020
12:06 AM