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.

[Anonymous]

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.

[Critter]

OK ... the basis for a gifted item is :

https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/property-basis-sale-of-home-etc/prope...

[KrisD15]

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