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Basis
Question | Answer |
---|---|
What is the basis of gifted property to calculate gain and depreciation? | The lower of the donor's adjusted basis or the FMV on the date of the gift. |
What is the basis of gifted property to calculate loss? | The lower of FMV of the property or the donor's adjusted basis, including gift tax pid, on the date of the gift. |
What is the basis of property converted from personal-use to business-use? | Lesser of adjusted basis or FMV on date of conversion. |
What is the general rule on the basis of inherited property? | The FMV of the property on the date of death or the alternative validation date. |
How do you determine the basis of gifted property? | The FMV of the property at the time of gift. |
how do you determine the basis of purchaed property? | The purchase price of the property plus certain costs incurred at the time of purchase. |
How do you determine the basis of property converted from personal use to business use? | The lower of FMV or the owner's adjusted basis in the property. |
how do you determine the basis of inherited property? | The FMV of the property on the date of death or the laternative valuation date. |