There is good news and bad news: good news is that there is a stepped-up basis as of the date of the gift of 50 percent of the gift date fair market value of the property as far as you are concerned for capital gains purposes.

@Ugo O.Here is a "general" rule of thumb that I use for my market in Jacksonville FL.

Hello BiggerPockets, I recently got the opportunity to purchase an off market property in Las Vegas about 15 minutes west of the strip.

On market, offered 30K below asking and got it How did you finance this deal?

I hear the market is great. 

On market, multiple offers so had to pay above asking.

Plus the tech heavy market is moving into a commodity market versus an innovation market or first entry.  

On Market deal that was sitting for a month.

@David MinayaEvery market is different, and every property is different. 

I’m locally at the Las Vegas, NV market.