valuation date. The donor's adjusted basis, including gift tax paid, and the fair market value...
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valuation date. The donor's adjusted basis, including gift tax paid, and the fair market value FMV on the date of the gift. You do not need any information, since gifts are not taxable to the recipient. Mark for follow up Question of Victoria purchased her primary residence for $ As part of the closing procedure, she paid: $ loan origination fee. $ to a lawyer to review the purchase contract and other closing papers. $ for a property survey. $ for title insurance. She also gave the real estate agent a $ gift basket in appreciation for his hard work. What is Victoria's basis in the residence? $ $ $ $ Mark for follow up Question of Generally, what is the basis of property inherited from a decedent? The purchase price of the property. The fair market value FMV of the property on the date of death or the alternate valuation date. The higher of the decedent's adjusted basis or the fair market value FMV on the date of death or the alternative valuation date. The adjusted basis of the property on the decedent's date of death or the alternative valuation date.
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