topic I recieved a car from my father's estate settlement (he passed away in '16) via an act of donation. The act of donation lists the value of the car at $2k, I later (same year '16) traded it in for a newer vehicle, got $1,500 credit. Are there any tax impli in Deductions & credits

I recieved a car from my father's estate settlement (he passed away in '16) via an act of donation. The act of donation lists the value of the car at $2k, I later (same year '16) traded it in for a newer vehicle, got $1,500 credit. Are there any tax impli

mochoa100 — Tue, 04 Jun 2019 21:04:03 GMT

MichaelL1 — Tue, 04 Jun 2019 21:04:04 GMT

No, you received personal property (car) from the estate. Then traded it for $500 less than it is worth earlier.

You can't take a loss on a personal vehicle, so there is no tax impact to you and this does not need to be reflected anywhere in the tax return.