Iris purchase a house for $95,000 in 2008. On August 5, 2020, she made a gift of
Fantastic news! We've Found the answer you've been seeking!
Question:
Iris purchase a house for $95,000 in 2008. On August 5, 2020, she made a gift of the house to her cousin, Geoff. At the time of the transfer, it was worth $190,000. Geoff died on December 6, 2020. He left the house to Iris in his will. At the time of Geoff's death, the house was worth $195,000. Iris still owns the house. What is Iris's basis in the house?
A. $95,000
B. $190,000
C. $195,000
D. It depends on whether Iris sells it at a gain or a loss.
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date: