Why is land acquired as a gift in 1976 considered a long term gain when sold?

jeangould638 — Thu, 06 Jun 2019 09:40:01 GMT

I think Turbo Tax made a mistake - how can I correct it to make it long term? Just discovered that if I entered a figure in the market value at time of gift box, it then treated as long term instead of short.

Capital gains or losses on property received as a gift ar...

view2 — Thu, 06 Jun 2019 09:40:03 GMT

Capital gains or losses on property received as a gift are calculated with respect to the original owner's cost basis in the property. In other words, when property is given, the recipient receives both the property and the property's cost basis. The recipient also receives the donor's holding period in the property for determining whether a gain is long-term or short term.

topic Why is land acquired as a gift in 1976 considered a long term gain when sold? in Get your taxes done using TurboTax

Why is land acquired as a gift in 1976 considered a long term gain when sold?

Capital gains or losses on property received as a gift ar...