What should I enter for the date acquired if I received the property as a gift?

Generally, if you receive property as a gift, your holding period includes the holding period of the donor (the person who gave you the gift). For example, if your uncle purchased stock on 11/15/1999, and gave you the stock on 05/06/2005, you would consider your acquisition date to be 11/15/1999. Your basis in the property is the same as the donor’s basis.

Exception: If you receive a gift that is worth less on the date of the gift than the giver’s adjusted basis, your acquisition date depends on whether the property has increased or decreased in value since you received it.

See Inherited Property and Gifts in H&R Block’s Guide to Charitable Deductions and Tax Planning for more information.