Basis - Sale of business property
Answer:
You must know the basis of your property to determine whether you have a gain or loss from its sale or other disposition.
The basis of property you buy is usually its cost minus any depreciation taken.
However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost.
The basis of property you buy is usually its cost minus any depreciation taken.
However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost.
