My brother and father bought a property for 25,000 in 1993. In 1994 my father gifted this property to my brother. In 1995 my brother gifted this property to me. I sold this property this year for $180,000; so what is the cost basis of this property? Is it 25,000?
Yes, the basis of gift property is the adjusted basis of the donor.
If the FMV of the property is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis at the time you received the gift.
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