- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
In most situations, the basis of an asset is its cost to you. The cost is the amount you pay for it in cash, debt obligations, and other property or services.
Cost includes sales tax and other expenses connected with the purchase. Your basis in some assets isn't determined by the cost to you.
If you acquire property other than through a purchase (such as a gift or an inheritance), refer to Publication 551, Basis of Assets for more information.
This link may assist you in determining the original value.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 15, 2022
5:03 AM