Question

Gifted a car

Forum|Forum|2 years ago
September 16, 2023
2 replies
0 views

If I gift a running good car to a friend, can i

VolvoGirl

Employee

Can you deduct it? NO.

X

xmasbaby0

Employee

Gifts given to individuals are never deductible. Only donations to charity can be deducted, and only if you itemize deductions. But if you gave a gift worth $17,000 or more to your friend you will need to complete a gift tax form 709.

TurboTax does not support Form 709, but you can download it from the IRS website and fill it out per the Form 709 instructions.

**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.**

O

Opus 17

Employee

Gifts to specific individuals are never deductible, even if they are needy.