No. It is not right to leave blank the boxes for vehicle cost and basis for gain/loss.
The cost of your daughter’s car is either the business percentage of your cost or fair market value of the car when you gave it to your daughter.
It depends on whether there was an overall gain or loss.
- Your adjusted basis for figuring a gain is the donor's adjusted basis just before the donor made the gift, increased or decreased by any required adjustments to basis while you held the property.
- Your adjusted basis for figuring a loss is the FMV of the property at the time the donor made the gift, increased or decreased by any required adjustments to basis while you held the property.
- Note: If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and get a gain, you have neither a gain nor loss on the sale or disposition of the property.
See What is the basis of property received as a gift?
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