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New Member
posted Sep 16, 2023 1:28:03 PM

Gifted a car

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

0 3 579
3 Replies
Level 15
Sep 16, 2023 1:34:54 PM

Can you deduct it? NO.

Level 15
Sep 16, 2023 2:40:27 PM

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.

Level 15
Sep 16, 2023 8:13:17 PM

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