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?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
aprilshowersrt75
New Member
dubsmash262
New Member
JTMyers8642
Returning Member
CRAM5
Level 1
seanj0289
New Member