If a family member gifts a car valued at 18k do they have to claim it as income on personal taxes?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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if a family member gifts a car worth 18k do they claim it as income on their personal taxes

TurboTax Deluxe Online

DoninGA

Level 15

If you receive a gift from an individual you do not report the gift on your tax return, regardless of the amount of the gift or the value of the gift received.

The giver of the gift does nor report the gift given on their tax return. If the amount or value of the gift given is greater than $14,000 to a single individual then the gift giver has to report the gift on IRS Form 709.

If the total amount of all gifts ever given does not exceed $5.49 million, no gift taxes will be owed.

TurboTax does not support IRS Form 709

IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf

IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf