A gift tax return is filed on Form 709. Consumer tax software generally does not handle gift tax returns. You could download the form and instructions from the IRS web site and complete it by hand. However, if you are in a position to give away a car that is worth over $35,000 used, you probably have substantial assets. You should consult a local tax professional. The tax pro can advise you on gift and estate tax considerations (they are linked), and prepare the gift tax return for you. (Professional tax software does prepare gift tax returns.) Because of the possible changes in gift and estate taxes, as well as income tax, resulting from tax reform, it is particularly important to be in touch with a tax professional at this time. Estate planning is not a do-it-yourself project.
