Hello,
So my mom bought a car with my money in 2020, she bought it and put it in her name. It was for me but her as well to get back and forth to work. It was used. We just filed our 2020 taxes this past summer. We did not report that we had purchased the car and paid sales tax on it. do we need to amend the return for any reason? i just don’t want it to affect my taxes as well or anything. i don’t want it to affect the “Tax” section or the taxes paid? not too sure about this so just thought i’d ask. always like to try and be sure
No that doesn't go on your tax return. Only if you were using it for business.
okay cool thank you, yeah i just wanted to make sure. but even if she did have to report it, since she put the car in her name it would have went on her tax return not mine. I just didn’t want it to mess with any numbers or change anything on hers because there was a section on my 2020 return where i had to put some of her tax info or something like that on my tax return. I know that if the numbers changed because she amends or something i’d have to fix mine too. that’s the only reason i was asking.
i'm guessing that form you refer to is what is referred to as the kiddie tax form 8615 where your parent's taxable income can affect your taxes if she were to amend her 2020 return it's likely you would have to amend yours.