rjs
Level 15
Level 15

Deductions & credits

@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.