Calvin and Katrina had to sell some family heirlooms. Katrina's mother gave her an antique desk on
Question:
Calvin and Katrina had to sell some family heirlooms. Katrina's mother gave her an antique desk on 12/31/2010 when the fair market value was $2,000. On the date of the gift, Katrina's mother's basis in the desk was $50 because she had been gifted the desk from her mother (Katrina's grandmother). No donor was assessed gift tax for either transfer. Calvin and Katrina had the desk appraised on Antiques Roadshow and were surprised to find that the desk was now valued at $4,000. They sold it to an antiques dealer for $4,000 on 12/24/2021. Basis was not reported on Form 1099-B (make selection on the Details >Schedule D input screen and not on Quick Entry so that you can see the full descriptions explaining the code options). PLEASE, HELP ME TO UNDERSTAND WHAT FORM I HAVE TO RECORD !
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback