2007 car was gifted to me. I sold it for less than FMV. Do I need to file capital gains?

[glynus2]

I don’t know the date that my mother bought the car or what she paid for it (although I do know that she paid substantially more then I sold it for).

[MaryK1 · Accepted solution]

No, if you did not have any income for the sale (usually only collectible cars sell for more than they were purchased for) you do not have to report the sale on your tax return.

[glynus2]

Thank you!

[MaryK1]

Glad to help!