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Posts: 163
In response to
"
Technically no because you have no basis in the item. -- nm
"
by
spamlet
thanks - what does this mean? -- nm
Posted by
prayformojo (aka mayhem)
Sep 21 '21, 13:20
(No message)
Responses:
Tax basis is essentially what you paid for something.
-
spamlet
Sep 21, 13:23
6
I thought it was the appraised or 'reasonable' value. a huge tax loop hole for sure but was it closed?
-
zeitgeist
Sep 21, 13:29
thanks for your answer and explanation. my wife we be glad to hear she was right -- nm*
-
prayformojo
Sep 21, 13:28
So the basis of the gift isn't the value of the item when it was originally purchased? -- nm
-
oblique
Sep 21, 13:27
3
This is my experience from when my brother gifted us all shares of stock for Christmas one year.
-
znufrii
Sep 21, 13:28
2
Stock/collectibles are exceptions as far as I know. -- nm
-
spamlet
Sep 21, 13:32
1
Gotcha. -- nm
-
znufrii
Sep 21, 13:32
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