The cost basis of a gift depends on the donor's cost basis. You have to find out from the donor. If the value on the date of the gift is more than the donor's basis, the recipient's basis is usually the same as the donor's basis. If the value is less than the donor's basis, or if the donor paid any gift tax (see below), it gets complicated. See the following topic in IRS Publication 551.
Property Received as a Gift
Someone who gives a gift does not have to pay any income tax. If the value of the gift on the date it is given is more than $15,000 (for 2021) the donor has to file a gift tax return. They will not have to pay any gift tax unless their total lifetime gifts exceed their lifetime exclusion, which is currently $11.7 million.
