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Selling property that was gifted
Comments
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I'm no expert, but I think that assumes (probably correctly) thate the donor is not the OP's spouse (as in that case my understanding is that the starting value would be the time the spouse originally acquired it) ?canaldumidi said:the OP's liability depends on what the value of the property was at the time of the gift (25% of market value at that time), and the ultimate sale price (25% thereof). Liability is based on the difference (the gain in value).
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Basically a lot more info needed regarding the circumstances of the gift!p00hsticks said:
I'm no expert, but I think that assumes (probably correctly) thate the donor is not the OP's spouse (as in that case my understanding is that the starting value would be the time the spouse originally acquired it) ?canaldumidi said:the OP's liability depends on what the value of the property was at the time of the gift (25% of market value at that time), and the ultimate sale price (25% thereof). Liability is based on the difference (the gain in value).
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