You'll need to sign in or create an account to connect with an expert.
What are you trying to enter about the car? Why do you think you need to enter anything about Grandma buying you a car? Gifts are not taxable so you do not have to enter anything about it on your tax return.
If your grandmother paid more than $15,000 for the car for you then she will need to prepare a gift tax form--but she will not owe any tax.
GIFTS
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
You do not have to report this on your income tax return.
Your grandmother might have to file a gift tax return if the car and any other gift you received from her were more than the annual gift exclusion of $15,000. Please see Frequently Asked Questions on Gift Taxes.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
stellarun21
Level 2
kmjgoon
Level 2
tenniseric98
Level 3
skunumber
Level 1
avigo45
Level 3