You'll need to sign in or create an account to connect with an expert.
You have a basis in the car on a gift. It is the lower of the cost the person paid or the fair market value when it was given to you.
You can then depreciate it or take the standard deduction (which if the car has low value is usually better and easier to do).
You have a basis in the car on a gift. It is the lower of the cost the person paid or the fair market value when it was given to you.
You can then depreciate it or take the standard deduction (which if the car has low value is usually better and easier to do).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Lolajean123
New Member
mageshcmouli
Level 2
aliciasbonney
New Member
gregomr
New Member
TaxWander
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.