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Basis

QuestionAnswer
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.
Created by: Kijo