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Anonymous
Not applicable

How do I document the donation of a vehicle I received as a gift? TurboTax says it appreciated in value since it was sold for $700, which is false.

In 2012 I received a used car as a gift; I donated to a charity in 2019 that sold it for $700. When I enter the purchase price as $0 and state it was a gift to me, Turbo Tax says the car appreciated in value. That's not true.
3 Replies
Critter
Level 15

How do I document the donation of a vehicle I received as a gift? TurboTax says it appreciated in value since it was sold for $700, which is false.

Critter
Level 15

How do I document the donation of a vehicle I received as a gift? TurboTax says it appreciated in value since it was sold for $700, which is false.

 
KrisD15
Employee Tax Expert

How do I document the donation of a vehicle I received as a gift? TurboTax says it appreciated in value since it was sold for $700, which is false.

Your "purchase" price is the Fair Market Value on the day it was gifted to you. 

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