a. $150 should be $75.
b. Only if a were correct.
c. recipient has basis equal to basic of giftor, so see a. Based on your a, gain would be $250.
Thank you, George. I have updated the numbers based on your correction to (a).
You're not really a tax practitioner, are you.
But the $215K from 2003 is irrelevant and is not added to the donor's basis. See IRS Pub 504:
Example. Karen and Don owned their home jointly. Karen transferred her interest in the home to Don as part of their property settlement when they divorced last year. Don's basis in the interest received from Karen is her adjusted basis in the home. His total basis in the home is their joint adjusted basis.
Hi Bob,
I am a layperson. I am getting different answers from the tax guys here. So I posted this question on this forum. Can you please answer these questions for me?
I'll let George do it. He's a tax expert, he's just not used to being thrown a curve by someone who doesn't belong here.
Greetings New User - ,
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Have a wonderful day!
George
Thanks for your help. Have a good one!! 🙂
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