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Get your taxes done using TurboTax
@Nancy1010 wrote:
So what is the adjusted basis for the donor? Is it $5000, what they paid for the property? How is the adjusted basis for the donor different than the basis for the donor?
If purchased from an unrelated third party, the donor's adjusted basis is the donor's cost (purchase price, what they paid for the property) plus capital improvements less any casualty loss and depreciation deductions.
Since the time you owned the property, your adjusted basis is a carryover from the donor plus any capital improvements you made less any casualty loss and depreciation deductions you claimed.
‎February 9, 2021
10:57 AM
1,843 Views