There are various
scenarios that might apply to you in determining the basis of your gifted
property, and they depend on the gift's
- Adjusted basis to the donor
just before it was given to you,
- Fair Market Value at the time
it was gifted to you, and
- Any gift tax that was paid on
it.
Please see
"Property Received as a Gift" on page 9 of IRS Publication 551, Basis of
Assets for guidance on how to compute your basis in various scenarios that
might apply to you.
