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sceva
New Member

If I gift a car to a friend (not family & not a charity), do the same tax deduction rules apply to me as if I was donating it to a charity?

 
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jerry2000
Alumni

If I gift a car to a friend (not family & not a charity), do the same tax deduction rules apply to me as if I was donating it to a charity?

A gift made to an individual or for the benefit of a specific individual is not deductible. Only donations made to organized charities recognized as such by the IRS are deductible.

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2 Replies
jerry2000
Alumni

If I gift a car to a friend (not family & not a charity), do the same tax deduction rules apply to me as if I was donating it to a charity?

A gift made to an individual or for the benefit of a specific individual is not deductible. Only donations made to organized charities recognized as such by the IRS are deductible.
SweetieJean
Level 15

If I gift a car to a friend (not family & not a charity), do the same tax deduction rules apply to me as if I was donating it to a charity?

Think about it: If the IRS allowed this, we could deduct every birthday, holiday, and other type of present that we ever gave anyone else.
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