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Get your taxes done using TurboTax
The cost basis for the donor was $5000, what they paid for the property. There will only be an adjusted basis If the donor had made improvements to the gift or had claimed depreciation on the gift, prior to making the gift.
In that case, the adjusted basis would be the amount paid plus any improvements less any depreciation. This is most common when the gifted property is rental real estate or a personal residence.
ā€ˇFebruary 9, 2021
9:38 AM