Basis

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  • cathe
    Member
    • Jan 2007
    • 71
    #1

    Basis

    TP got farm land from parents 17 years ago. The deed states that it was sold for $1. Now TP is selling land and wants to know basis. My first reaction is $1 - but, because of the unrealistic sale price, can it be viewed as a gift for basis purposes?

    Cathe
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #2
      Such a transfer would certainly be treated as a gift.

        Comment

        • cathe
          Member
          • Jan 2007
          • 71
          #3
          Bless your little taxy soul.

          Cathe

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