Determine the value of the gifted house, Taxation

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Determine the value of the gifted house

Gifted Property

Response to the following problem:

In 2014, Bruce gave Shirley a house worth $100,000. Bruce's adjusted basis in the house was $80,000. The full $100,000 value of the house was subject to gift tax, and Bruce paid $8,000 in gift tax on the transfer. What is Shirley's initial basis in the house?

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Taxation: Determine the value of the gifted house

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Taxation: Determine the value of the gifted house

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