topic Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes? in Get your taxes done using TurboTax

Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

earlrsimmons — Mon, 07 Dec 2020 20:18:13 GMT

Re: Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

DoninGA — Mon, 07 Dec 2020 20:20:52 GMT

A Form 709 is a stand alone gift tax return that you mail to the IRS.

The gift that you gave is not reported on a federal tax return, Form 1040.

Re: Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

Anonymous — Mon, 07 Dec 2020 20:20:52 GMT

you don't enter on your 1040 unless you are gifting a business asset that you've been depreciating. only if the FMV of the vehicle is over $15,000 would you need to file a gift tax return.

Re: Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

Anonymous_ — Mon, 07 Dec 2020 20:21:39 GMT

You need to file Form 709 (which TurboTax does not support) if the car is worth over $15,000.

See https://www.irs.gov/instructions/i709#idm140554801429376

Re: Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

xmasbaby0 — Mon, 07 Dec 2020 20:23:51 GMT

And---you do not get a federal tax deduction for giving your grandchild a gift. There is nowhere to enter the gift on your Form 1040 except as explained above-- if it has been business asset that you have depreciated. Your grandchild does not report anything about the gift on her own tax return--gifts are not taxable.