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Documentation needed for basis

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fcrist

Junior Member
I understand I need to pay US capital gain taxes for a property (piece of land) that I sold in Europe. I received the property as a gift before I relocated to US and become a US resident/citizen.
What documentation does the IRS require to prove the basis of the property?
I am thinking of the following:
- a translated appraisal of the land at the time I entered in posession (in local currency)
- the exchange rate at the National Bank for the US dollar for that particular day

Will this be sufficient or there are other documents needed?

Thanks!
 



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