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it is a gift and the donee's basis is the same as that of the donor. The recipient when disposing of the property is subject to gains/ losses computations just like any other asset disposition. If the transaction is between relatives, and within two years of the gift, there are other complications to contend with. So please tell us a bit more about the transaction
it is a gift and the donee's basis is the same as that of the donor. The recipient when disposing of the property is subject to gains/ losses computations just like any other asset disposition. If the transaction is between relatives, and within two years of the gift, there are other complications to contend with. So please tell us a bit more about the transaction
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