received gift

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  • PHOTONANA
    Junior Member
    • Mar 2019
    • 2
    #1

    received gift

    My clients Dad gave her a backhoe. She sold it for $57000. which she split with her sister. How do we report the gift?
    Tags: None
    • kamckinley
      Senior Member
      • Apr 2008
      • 178
      #2
      Determine the cost basis of the gift, then report on 8949 or 4797 depending on how the property was used. To determine the cost basis of a gift, go to https://www.irs.gov/faqs/capital-gai...le-of-home-etc

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        • Lion
          Senior Member
          • Jun 2005
          • 4699
          #3
          And, for the gift she gives her sister, Form 709, if required, and any state version, if required. Also, she might want to make sure her father filed Form 709 for the backhoe gift he gave her, when she asks him about his cost basis.

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