Do I claim a gifted car?

Forum|Forum|7 years ago
June 1, 2019
2 replies
1 view

If I gift car to daughter do I need to claim on my taxes? Will she need to claim on her taxes?

TurboTax Deluxe Online

Best answer by Zbucklyo

No, neither of you have to claim it on your taxes. However, if the fair market value of the car was more than $14000 at the time of the gift, you need to fill out Form 709, a gift tax return. You do not include that with your income tax filing.

ZbucklyoAnswer

Level 8

winkman72Author

Level 2

That is what I thought but the ex was saying our daughter would have to claim the gift.

Angela723

Level 2

Is this still true? I live in NYS and a good friend wants to gift me her trailblazer and we were wondering the samething if either of us were going to have to claim it on our taxes. Her ex and my current spouse is saying we both do and to sell or say we should it cheap so that way we don't have all this mix up complications when filing for our taxes at the beginning of the year.

NCperson

Level 15

@Angela723 - the recipient does not have to report anything, regardless of the value.

The donor needs to file a gift tax form (which is separate from the income tax forms) if the value of the car exceeds $16,000. There is no tax to pay for gifting purposes.

Angela723

Level 2

Ok so she's gotta fill the form out and I fill nothing out. I'm new to all this craziness lol. I just don't wanna screw either of us hence came to TurboTax