Hi again,
Thanks for the advice.
I actually ended up reaching out to another CPA who seemed knowledgeable. His response was:
Since the car was put in the friend’s name, that he did not receive a gift that is reportable. The CPA sees it as I received a loan and repaid the loan with the transfer of the vehicle. He also said I could file the Form 3520 which he do not believe creates any tax implication, it is more of a disclosure form. And said as long as I had no benefit from the transaction (I didn't, in fact, it's been more of an annoyance), he would probably not consider reporting.
Thoughts?
