You'll need to sign in or create an account to connect with an expert.
Under federal gift tax rules, the recipient of a gift takes the donor's tax basis. So your capital gains tax basis will be whatever the tax basis was immediately prior to the gift. [no loss recognized]
A Form 709 will need to be filed by the donor to a recipient that exceeds the annual exclusion amount.
Under federal gift tax rules, the recipient of a gift takes the donor's tax basis. So your capital gains tax basis will be whatever the tax basis was immediately prior to the gift. [no loss recognized]
A Form 709 will need to be filed by the donor to a recipient that exceeds the annual exclusion amount.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rubiestoo
New Member
maximobernard
New Member
fletch1165
New Member
KausBose
New Member
markdzima
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.