Several properties in a foreign country were gifted to several beneficiaries and I am one of them. One of the beneficiaries was the custodian and he maintained them for several years and finally sold all of them. The proceed was first sent to him then he wired me my portion. Since the properties were acquired long time ago and they lost all the cost and he advised me to use 0 as cost. How do I report this?
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Follow these steps to enter individual IRS form 1099-B transactions:
To determine your cost basis, you would follow the rules for property received as a gift.
IRS Publication Basis of Assets, here, page 9, states:
Property Received as a Gift
To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you, its fair market value (FMV) at the time it was given to you, and any gift tax paid on it.
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