Gifting a car to my daughter?

[runamuckretreat]

I read in another post that gifting the car only needs to be reported if it's value is over a certain amount. How do I go about figuring out the current value, and will I need to provide any documentation to the IRS to show the value? 

[M-MTax]

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@runamuckretreat wrote:

How do I go about figuring out the current value, and will I need to provide any documentation to the IRS to show the value? 

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You could use the value reported by Kelly Blue Book, which should be good enough for the IRS:

https://www.kbb.com

If the value exceeds $19,000 for a 2025 gift, then a Form 709 needs to be filed (or if the total value of all gifts from you to your daughter exceeds $19,000 for 2025 a 709 needs to be filed).

https://www.irs.gov/forms-pubs/about-form-709

[xmasbaby0]

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($18,000 per individual for 2024, for 2025 $19,000)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

Here's a link for Form 709 preparation software:

 https://www.puritas-springs.com/product-category/federal