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C
chaslou
Level 2
February 12, 2020
Question

Cost Basis

  • February 12, 2020
  • 4 replies
  • 12 views

Inherited property; Assessed value $161,000.  Donated conservation easement 12 years later; assessed value before donation was $200,000.00; after donation: $110,000.00.  What do I show for cost basis on Form 8283, line 5(f)?  Also for Schedule D if I sell property?

    4 replies

    K
    klehnhardt
    Level 10
    February 12, 2020

    The basis of the property would be the Inherited basis reduced by the percentage of the square footage donated times the inherited basis of the property.

     

    Inherited Basis - (Sq. Footage % of donated property x Inherited basis)

     

      C
      chaslouAuthor
      Level 2
      February 13, 2020

      I didn't donate the property, only a conservation easement.  Assessed value after donation is $110,000.00.  Does that become my adjusted cost basis?

      K
      klehnhardt
      Level 10
      February 13, 2020

      The assessed value of the property is not your new adjusted basis. This example could help explain the process.

       

      Inherited Property Assessed Value at the time it was inherited - $161,000

      Total square footage of the Property - 3,500

      Square footage of donated easement - 1,050.

       

      New adjusted basis after the donation:

       

       Square footage of donation / total square footage = Percentage donated: 

                                1,050 / 3,500 = 30%

       

      Percentage donated x Inherited basis = basis of donated easement

                                 30% x $161,000 = $48,300

       

      Original basis of your property - Basis of donated easement = New adjusted basis of your property

                               $161,000 - $48,300 = $112,700

       

       

       

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