parvitstax
Level 7
04-02-2025
05:49 PM
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@TaxGuyBill This sounds different from what @sjrcpa mentioned.
Seller bought house for $150k
1099-S states home sold for $430k
Gift of equity $170k
- Is the seller's cost basis $150k + $170k?
- Is the buyer's cost basis $260k + $170k?