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@Justin9 wrote:
Does IRS want me to enter this adjusted basis solely for their future reference in checking my mother's capital gain if she sells the house?
Yes. The donee typically takes the donor's basis (a carryover basis) with respect to a future disposition of the gifted property,
@Justin9 wrote:
Does IRS want me to enter this adjusted basis solely for their future reference in checking my mother's capital gain if she sells the house?
Yes. The donee typically takes the donor's basis (a carryover basis) with respect to a future disposition of the gifted property,
Thank you for your answer! I was worried that I may have made a calculation mistake because I couldn't find anywhere to use Column D after it was entered. It's good to know that Column D is not supposed to be used in the tax computation on this form.
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