- This topic has 12 replies, 4 voices, and was last updated 14 years ago by .
-
Topic
-
Hi all I’m a little confused about which basis I should use when calculating gain or loss on gifted property. Ok I understand the rules if the Adj basis is greater than the fmv.
But what if the fmv is greater than basis.
Example
Adj basis 8000
Fmv 10000
What’s the basis in calc gain or loss if sold for
12000?
7000?
9000?
Thanks for help.
NEW YORK- DONE
Viewing 12 replies - 1 through 12 (of 12 total)
Viewing 12 replies - 1 through 12 (of 12 total)
- The topic ‘Question about basis of gifts gain/loss’ is closed to new replies.