Announcement

Collapse
No announcement yet.

received gift

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #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
    #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

    Comment

      #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.

      Comment

      Previous template Next

      Disclaimer

      Collapse

      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

      Working...
      X