topic I had bought a car and my grandmother wrote a check to the dealership for the car rather than to me even thou the car is in my name. I'm not sure how I should file this? in Deductions & credits

I had bought a car and my grandmother wrote a check to the dealership for the car rather than to me even thou the car is in my name. I'm not sure how I should file this?

dcromwell-n — Wed, 17 Mar 2021 14:58:15 GMT

Re: I had bought a car and my grandmother wrote a check to the dealership for the car rather than to me even thou the car is in my name. I'm not sure how I should file this?

xmasbaby0 — Wed, 17 Mar 2021 15:12:45 GMT

What are you trying to enter about the car? Why do you think you need to enter anything about Grandma buying you a car? Gifts are not taxable so you do not have to enter anything about it on your tax return.

If your grandmother paid more than $15,000 for the car for you then she will need to prepare a gift tax form--but she will not owe any tax.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

Re: I had bought a car and my grandmother wrote a check to the dealership for the car rather than...

DanaB27 — Wed, 17 Mar 2021 15:14:30 GMT

You do not have to report this on your income tax return.

Your grandmother might have to file a gift tax return if the car and any other gift you received from her were more than the annual gift exclusion of $15,000. Please see Frequently Asked Questions on Gift Taxes.