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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.
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