JohnB5677
Expert Alumni

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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"