- Your basis for figuring a gain is the same as the donor's adjusted basis, plus or minus any required adjustments to basis while you held the property.
- Your basis for figuring a loss is the FMV of the property when you received the gift, plus or minus any required adjustments to basis while you held the property.
Your basis would be $250,000 (your basis) plus $125,000 (donor's basis) = $375,000. Your loss would be $75,000.
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