sscritic - You're right, of course. I forgot about the gift below cost situation. Thanks for keeping me in line!sscritic wrote:Not quite. Donor's basis was 5 cents. The value on gift day was 3 cents. The OP sold it for 2 cents. What's the OP's basis? If the OP sold it for 4 cents, what's his basis?bicker wrote:Yes, of course.JDCPAEsq wrote:Value on the date of gift is irrelevant. Donor's basis carries over to the donee.
John
Thanks!
OK, so that doesn't apply in this case, but it does apply in some.
John