Question: What information do you need to compute basis for gain or loss of property received as a gift? The amount the donor paid for the
What information do you need to compute basis for gain or loss of property received as a gift?
The amount the donor paid for the item.
The adjusted basis on the alternate valuation date.
The donor's adjusted basis, including gift tax paid, and the fair market value FMV on the date of the gift.
You do not need any information, since gifts are not taxable to the recipient.
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