Casualty and Theft - Cost or Other Basis of Property

Article ID: 59033  

Question
Casualty and Theft - Cost or Other Basis of Property

Answer

Cost or Other Basis of Property

Cost or other basis usually means original cost plus improvements.  Subtract any postponed gain from the sale of a previous main home.  Special rules apply to property received as a gift or inheritance. 

See Publication 551, Basis of Assets, for details.

http://www.irs.gov/pub/irs-pdf/i4684.pdf


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Views: 1366 Created on: Jun 15, 2013