551 Mp4 <2026 Edition>

Don't just use the purchase price. According to IRS Publication 551 , you can increase your basis (reducing your taxable gain) by adding:

If you received property as a gift or inheritance, your basis isn't what you paid—it's likely what the original owner paid. 🛠️ Adjusting Your Basis (Increasing Your Fortune) 551 mp4

Your basis is often your cost, but it can be adjusted up or down based on events. Don't just use the purchase price