GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

If the value of the car, when you gift it, is more than $16,000, you have to file a federal gift tax return, Form 709. You will not have to pay any gift tax unless the total of all gifts you have made in your lifetime is more than $12 million, but you have to file the return.

If the value of the car is $16,000 or less there is no tax, and you do not have to do anything.

Does the person gifting the car receive any tax benefits? 

@ebarstad  No, there is no tax benefit for gifting a car to an individual. There is no tax deduction for gifts.

Note that the preceding discussion is a year old. The $16,000 gift tax exclusion applies to 2022. For 2023 it's $17,000, and for 2024 it will be $18,000.