Gifted Dollar Amount property Sale

[noahjo]

Sale of residence on settlement statement has a line showing gifted amount with a dollar amount how does this figure into basis for the buyer? The amount shows on the sellers side of the statement.Does this amount need to be considered if buyer decides to rent the property? Any help would be appreciated. Thank you.

[taxdude71]

Why would the buyer care about anything on the sellers side?

[Gene V]

Here is a link to some information on part gift and part sale of property.

http://www.taxalmanac.org/index.php/Reg._1.1015-4