@yashK wrote:
The cars price have been decreased drastically. I purchase the car for 5K. So if I gift this car to my brother and he sells the car in future for 2k. Will he be needed to pay taxes on 2K ?
The gift he receives is the Fair Market Value of the gift. If the FMV is 2K when received and he sells the vehicle at 2K then it does not have to be reported on his tax return.
