Anonymous
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How do I document the donation of a vehicle I received as a gift? TurboTax says it appreciated in value since it was sold for $700, which is false.
In 2012 I received a used car as a gift; I donated to a charity in 2019 that sold it for $700. When I enter the purchase price as $0 and state it was a gift to me, Turbo Tax says the car appreciated in value. That's not true.
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April 12, 2020
2:02 PM
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Deductions & credits
Your "purchase" price is the Fair Market Value on the day it was gifted to you.
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April 12, 2020
2:18 PM