@dteddy19 there are specific tax rules that deal with the sale of gifted property. assuming that in 2015 the FMV of the vehicle was less than your tax basis, here are the rules for figuring gain/loss on sale
For Gain: The Son's adjusted basis is the donor's(father's) adjusted basis just before the gift, adjusted for any required basis changes during the son's ownership (depreciation)
For Loss: Your son's adjusted basis is the FMV of the property at the time of the gift, adjusted for any required basis changes during his ownership (depreciation). Note that if you use the donor’s adjusted basis for gain and get a loss, then use the FMV for loss and get a gain, you end up with neither a gain nor loss on the sale or disposition of the property.
