Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 10:53:40 PM

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

0 1 3508
1 Best answer
New Member
Jun 4, 2019 10:53:42 PM

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,

1 Replies
New Member
Jun 4, 2019 10:53:42 PM

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,