You'll need to sign in or create an account to connect with an expert.
OK ... the basis for a gifted item is :
Your "purchase" price is the Fair Market Value on the day it was gifted to you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
laratorreao
New Member
chmi751719
New Member
vprockish
New Member
iamdistrict711
New Member
Jamiers99
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.