@Anonymous_ wrote:
Also, if you gift the vehicle to another party (receiving nothing in return) or junk the vehicle for $0, there will be no recapture for you in either of those scenarios.
With the caveat that the recipient of the gift will have a zero cost basis in the truck, so if they ever sell it, they will have to pay recapture on any gains. (Of course, that's on the honor system, because the IRS doesn't track ownership of specific vehicles.)
I suspect you might have children or grandchildren who could use a truck if you can't. (Although I wouldn't want my father's truck, it gets lousy gas mileage. I'm sure my nephews would drool over it, though.)
