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Did you ever get a gift from someone that you used in your business? Maybe you got a tire pump for your car or even a car from your parents. Well, guess what? If used in business, you can write these things off! Your basis for the write off is the same as that of the donor. Thus, you need to know what they paid. If possible, get a copy of their receipt when they bought the item.
Likewise, if you inherit an item such as property or a car that you use in business, your basis is the fair market value of the item on the date of death of the descendant. Thus, if you inherit your parent’s home when it was worth one million dollars upon their death, your basis in that home is one million dollars and not what they paid.
— More information on this is found in my latest book, “Achieve Financial Freedom: BIG TIME that can be purchased by going to book.taxbot.com.