Let's say a non-US person moves to the US and then becomes US person for tax purposes of that year. At the time of arriving to the US, the person has been holding onto some property (i.e. stocks and bonds) that they had been holding for years before coming to the US, and had appreciated a lot in value ever since they were originally purchased. If the person decides to sell that property in the US, how would the cost basis be calculated for tax purposes? Is it the original price they had paid to acquire that property years before coming to the US or is it the value of that property at the time the person became subject to US taxation?
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