Thanks to WRadical and Marti for helpfully responding to my quandary. I hope no one would be hurt if I give extra thanks to Peter for his extended reply.I was afraid that the basis would be as ya'll say as the appraised value at the time of the gift would be too simple.A complication is that my wife acquired the property with her sister. This wasn't working out so my wife bought out her sister. I think this means there are two bases: 1/2 the property based on my wife's acquisition cost and 1/2 on the price she paid her sister.As the acquisition was made 30 yrs ago, I presume (for now) that her share of the structure was depreciated away long ago, but the sister's half probably has something left. As to the property value, I would guess the appreciation since the acquisition by my wife is something like 9X (off the top of my head). And 3X the price paid to the sister (which I remember).Yes, I can easily come up with the depreciation schedule.brucedoe
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