M-MTax
Level 12

Deductions & credits

The exclusion is $190,000 for the 2025 tax year.

 

The basis that the donee will take will be the donor's basis or the FMV on the date of the gift, which is LESS.

 

If done every year, the FMV is likely to change each year. The basis may also change if improvements to the property are made by the donor.