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cost basis of recipient of property gift

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Guest	Posted: Mon Nov 02, 2009 7:55 pm    Post subject: cost basis of recipient of property gift Like 0 Dislike 0 Post Your detailed question here.: Via quit claim deed and for a consideration of $100, parents convey a lot of $300,000 assessed value to son as gift and filed Form 709 Gift Tax Return in 2008. Is the original purchase price $100,000 paid by parents in 2003 the cost basis for the son when he sells the property in the future or is it $100 on QCD?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Mon Nov 02, 2009 11:55 pm    Post subject: Like 0 Dislike 0 Hi Guest, When you try to sell off the property, $100,000 along with the appreciation or depreciation would be considered as your cost basis. The assessed value of the property would be taken into consideration when your parents would pay the gift taxes. _________________ Procrastination is the enemy of your financial success

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