Yes I read those regs but obviously understanding and interpreting them is my problem and everyone else’s. For example, is “amount paid” the same as purchase price?
If the gift cannot be used to adjust the buyer’s costs basis (btw earlier on in this thread, like the 2 first responses you referenced, people said this is what you do, which is more evidence of the lack of consensus here) then what is adjusted so the seller isn’t paying for capital gains on their gift of equity? We all agree that a seller should not be paying capital gains tax on their gift of equity correct? Does it go into selling costs?
