Fair Market Value & Basis in the Tax Treatment of a Gift
Feb 19, 2019 · Let's say you were given a house that is worth $50,000 today but was originally purchased for $100,000. The fair market value of the gift is lower than its original basis. If you sell the house for $110,000, more than the original basis, you make a taxable gain of $10,000, the sale price minus the original basis.
DA: 10 PA: 84 MOZ Rank: 16