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IN 2007 I TOOK DEED OF REAL ESTATE PROPERTY .IM CURRENTLY

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IN 2007 I TOOK DEED...
IN 2007 I TOOK DEED OF REAL ESTATE PROPERTY .I'M CURRENTLY NEGOTIATING A SALE OF THAT PROPERTY.WHAT IS MY TAX BASIS?
Submitted: 8 years ago.Category: Tax
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Answered in 1 minute by:
10/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello DB,

How did you acquire this property in 2007?

Did you purchase the property, inherit it or receive it as a gift?

Is this a home that you have been living in as your primary residence?

Ask Your Own Tax Question
Customer reply replied 8 years ago

RECEIVED AS A GIFT.
YES THIS IS MY PRIMARY RESIDENCE.
Tax Professional: Merlo, Accountant replied 8 years ago
Hello DB,

Thank you for the additional information.

When you receive property as a gift, you retain the same basis as the donor's basis. So whoever gave you this property as a gift, your basis would be the same as that person's basis. His basis would have been whatever he originally paid for this property, plus the cost of any improvements he made. Once you took over ownership, that is your starting basis. You can then add to that any improvements that you may also have made while you owned the home.

If this was your primary residence, you may exclude $250,000 (or $500,000 if you are married filing a joint return) from any gain you have before tax would be due. In order to be considered your primary residence, you must have owned the home for at leat 2 years and you must have lived in the home for at least 2 of the last 5 years. If you satisfy those requirements, then you may claim the primary home exclusion allowed for your filing status, and no tax would be due unless your gain exceeds those amounts.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you DB


Merlo
Merlo, Accountant
Category: Tax
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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