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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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Mom gave me real estate she had . I sold it in 6

Customer Question

mom gave me real estate she had for decades. I sold it in 6 months trying to decide if acquire date is gift date and so short term gain or long term gain since she had it so long
Submitted: 2 years ago.
Category: Tax
Expert:  Lane replied 2 years ago.
Hi, The basis (and the date that basis was established) transfers ... This is long term
Expert:  Lane replied 2 years ago.
If you receive a gift of property, and your cost basis in the gift is figured by using the donor's basis (such as in the gift of appreciated real estate such as this), then your holding period includes the donor's holding period. This is known as "tacking on," because your holding period adds to the original donor's holding period. If, however, your basis in the gift is determined by the fair market value of the gift (such as with a gift of stock that has decreased in value), your holding period starts on the day after the date of the gift.
Expert:  Lane replied 2 years ago.
Let me know if you have any questions at all...Lane