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Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

 
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4 Replies

Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

A Form 709 is a stand alone gift tax return that you mail to the IRS.

The gift that you gave is not reported on a federal tax return, Form 1040.

Anonymous
Not applicable

Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

you don't enter on your 1040 unless you are gifting a business asset that you've been depreciating.  only if the FMV of the vehicle is over $15,000 would you need to file a gift tax return. 

Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

You need to file Form 709 (which TurboTax does not support) if the car is worth over $15,000.

 

See https://www.irs.gov/instructions/i709#idm140554801429376

Giving my grandaughter a car and filling out a gift doc. Where do I record this transaction on my taxes?

And---you do not get a federal tax deduction for giving your grandchild a gift.  There is nowhere to enter the gift on your Form 1040 except as explained above-- if it has been business asset that you have depreciated.  Your grandchild does not report anything about the gift on her own tax return--gifts are not taxable.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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