Capital Gains and Losses

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My house was gifted or sold for the sum of ten dollars. will…

My house was gifted or...
My house was gifted or sold for the sum of ten dollars. will i need a cost basis to sell the house?? If so, How will i get one?
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Answered in 1 minute by:
3/12/2018
TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 18,210
Experience: 15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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The IRS sees that minimal amount as gift so you look to the giver and their basis. Whatever they paid for the property plus improvements is your cost.

Find out from the person that gave the property to you.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 18,210
Experience: 15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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TaxRobin and 87 other Capital Gains and Losses Specialists are ready to help you
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Customer reply replied 4 months ago
Robin is very helpful when I need my tax questions answered.

You are most welcome.

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