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Gifted a car

If I gift a running good car to a friend, can i

3 Replies

Gifted a car

Can you deduct it? NO.

Gifted a car

Gifts given to individuals are never deductible.  Only donations to charity can be deducted, and only if you itemize deductions.   But if you gave a gift worth $17,000 or more  to your friend you will need to complete a gift tax form 709.   


TurboTax does not  support Form 709, but you can download it from the IRS website and fill it out per the Form 709 instructions.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Gifted a car

Gifts to specific individuals are never deductible, even if they are needy.  

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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