Question on sale of property that was gifted to me
I was gifted a property and sold it. One of the questions being asked is What was 'Donors cost basis'. Does that mean I put what the person who gifted it to me payed for it? Or do i put the amount of $ i pout into it before i sold it.
Question on sale of property that was gifted to me
Donor's cost basis would be what the giver paid for the property minus any depreciation that the giver deducted on the property. To the donor's cost basis add the expenses for improvements that you put into the property before you sold the property