If I received a car as a gift in Illinois, market value $8892. How much tax would I pay?

[ToddL · Accepted solution]

If this was a true "gift" from a friend or relative, you would not have to report it or pay tax on your Federal or state tax return.

When you go to register the vehicle in your name, you may have to pay a fee or tax based on the value of the vehicle (unusual for gifts). Whether this applies will depend on the registration requirements for your state (IL) and county,