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<p>[QUOTE=&quot;statequarterguy, post: 1658451, member: 21782&quot;]1.&nbsp; &nbsp; If it were litigated, nothing is assumed, the IRS would have to prove you sold them for more than face value.</p><p>2.&nbsp; &nbsp; True, but if you push it, an alternative method of proving basis would most likely be accepted, if it’s reasonable.&nbsp; Better to have the receipts, but if you don’t, you don’t give up.</p><p>3.&nbsp; &nbsp; Assuming, like 99.9999% of us, the donor is within the $5,250,000 exclusion, the donor’s basis (cost in this case) will carryover to the donee and there is no tax due from either the donor or donee.&nbsp; Tax is paid by the donee, if the donee sells the gifted item.[/QUOTE]</p><p><br /></p>

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