Documentation needed for basis

03-03-2005, 09:09 AM

Junior Member

Join Date: Feb 2005

Posts: 7

Documentation needed for basis

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!

Find a Tax Attorney

« Previous Thread | Next Thread »

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)

Thread Tools
Show Printable Version Email this Page
Display Modes	Rate This Thread
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode	Rate This Thread:

Posting Rules
You may not post new threads You may not post replies You may not post attachments You may not edit your posts BB code is On Smilies are On [IMG] code is Off HTML code is Off Trackbacks are On Pingbacks are On Refbacks are On

Forum Jump

All times are GMT -5. The time now is 08:52 AM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.