Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
TAGE21
New Member

We gifted an auto worth 15,000 to our daughter. Is this deductible?

 
1 Best answer

Accepted Solutions
macuser_22
Level 15

We gifted an auto worth 15,000 to our daughter. Is this deductible?

No, gifts are not deductible or reported as income.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

1 Reply
macuser_22
Level 15

We gifted an auto worth 15,000 to our daughter. Is this deductible?

No, gifts are not deductible or reported as income.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v