Okay, I just need to ask the tax savvy guys on the forum. Muffin just PM'ed me questioning the same thing that I brought up with my tax man from my earlier post. Dad bought a piece of northern Wisconsin land back in 1960 for $1,500. He gave it to me in 1992 when it had an assessed valuation of $42,000. I sold it last year for $147,000.
The tax guy is telling me that I owe capital gains from 1960 until 2018 when I sold it.
I think that I owe capital gains from 1992 when dad gave it to me.
Who is right???
Think your tax guy is right. If on the other hand, you inherited the asset, you would get a step up in the cost basis as of the date of death.
