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Deductions & credits
You would post it to 2024.
It was essentially gifted to the business in 2024.
- Use the original cost basis if you sell it for more than the original basis.
- Use the selling price as the basis if you sell it for less than the original basis
- However, use the fair market value at the time of the gift if you sell it for less than that value.
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‎April 11, 2025
7:52 AM