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12 Cards in this Set
- Front
- Back
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calculate tax basis of property
when you buy land & bldg |
+cash
+liabilities (mortgage on property) AND +survey costs +title fees & transfer taxes +gas, water, sewer hookup +back property taxes paid +legal fees (title search, contract, deed fees) +title's insurance policy +recording mortgage fees +improvements, repairs +sales commissions |
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acquired by gift - calculate gain from sale of property acquired by gift
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donee's basis = donor's basis
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calc basis in property when acquired by gift
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donee's basis = donor's basis
+any gift tax paid -12,000 annual exclusion |
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calc loss on stock by gift
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2006 - mom bought stock 10,000
2008 - fmv = 8,000 gave me stock by gift If I sell for 7,000 my loss = 1000 use FMV of date of gift = basis |
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holding period for stock received as gift
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donee's holding period begins when gift was received
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property acquired by gift sold at a gain
what is basis? |
donee's basis = donor's basis
+gift tax paid + net appreciation in value of gift |
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property acquired by gift sold at a loss?
what is basis? |
basis =
lesser of 1) gain basis or 2) FMV date of gift |
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property as a gift acquired from a deceased (i.e. stock inherited from dead aunt)
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-long term
-basis = FMV at date of decdent's death or FMV of alternate valuation date (6 months after death -if stock distributed within 6 months of death, then basis = fmv at date of distribution |
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stock received as dividend
what is basis of stock after receipt of dividend? |
basis must be allocated between c/s & p/s according to fmv
example: |
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what is holding period of p/s that was recvd in nontaxable distribution of c/s?
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when c/s was acquired
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like kind exchange
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real property for real property
personal property for personal property -nonrecognition of gain or loss |
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like kind exchange
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gain is recognized -
the lesser of "boot" recvd or gain realized |
