if i gift a house, is the cost basis what i purchased it for or the FMV?

[Victor Yang]

Hello,

If I gift a house, what amount will go towards the lifetime gift limit, the amount i purchased the house for, or the current FMV?

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.

In addition, is it possible for me and my wife to gift 36k worth of equity per year of the house (under the annual exclusion limit) and therefore have none of the costs go towards the lifetime gift limit?

Thanks