topic I recently sold property that was gifted to me by a family member. How do I calculated the donor's cost basis if the donor inherited the property? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-recently-sold-property-that-was-gifted-to-me-by-a-family-member-how-do-i-calculated-the-donor-s/01/146171#M19651 Sat, 01 Jun 2019 07:32:28 GMT bryan-little 2019-06-01T07:32:28Z I recently sold property that was gifted to me by a family member. How do I calculated the donor's cost basis if the donor inherited the property? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-recently-sold-property-that-was-gifted-to-me-by-a-family-member-how-do-i-calculated-the-donor-s/01/146171#M19651 Sat, 01 Jun 2019 07:32:28 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-recently-sold-property-that-was-gifted-to-me-by-a-family-member-how-do-i-calculated-the-donor-s/01/146171#M19651 bryan-little 2019-06-01T07:32:28Z The donor's cost basis would have been the Fair Market Va... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-donor-s-cost-basis-would-have-been-the-fair-market-va/01/146184#M19655 <P>The donor's cost basis would have been the Fair Market Value on the date of death from the person he would have inherited it from. Have th family member who made the gift go back through tax records, look at real estate tax valuations or any other possible papers that would have recorded that information.</P> Sat, 01 Jun 2019 07:32:31 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-donor-s-cost-basis-would-have-been-the-fair-market-va/01/146184#M19655 Coleen3 2019-06-01T07:32:31Z The donor is now also deceased. The donor inherited the p... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-donor-is-now-also-deceased-the-donor-inherited-the-p/01/146194#M19659 The donor is now also deceased. The donor inherited the property in 2013 and gifted it to me in 2014. So the donors cost basis will be the FMV of the property in 2013? Sat, 01 Jun 2019 07:32:33 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-donor-is-now-also-deceased-the-donor-inherited-the-p/01/146194#M19659 bryan-little 2019-06-01T07:32:33Z Yes. If he made any major improvements between the time h... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/yes-if-he-made-any-major-improvements-between-the-time-h/01/146205#M19662 Yes. If he made any major improvements between the time he inherited and he gifted, then add that to the basis. Sat, 01 Jun 2019 07:32:35 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/yes-if-he-made-any-major-improvements-between-the-time-h/01/146205#M19662 Coleen3 2019-06-01T07:32:35Z