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My wife would like gift her 2006 Passat to our Nephew in 2012.

Customer Question
The car is valued at...
My wife would like gift her 2006 Passat to our Nephew in 2012.
The car is valued at $10,000 if sold or if we trade it in. We live in Austin Texas.

We would like to know if we do gift the car to our nephew could we write off a percentage of the car in our 2012 Taxes?

Richard
Submitted: 5 years ago.Category: Tax
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Answered in 13 minutes by:
12/29/2011
Tax Professional: Marvin,EA, Enrolled Agent replied 5 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Marvin,EA :

Hello and thanks you for using Just Answer. For tax year 2012, a taxpayer can exclude the first $13,000 given to each donee in the calendar year. You will not have to report the car value on your tax return because the car value is less than $13,000. You also cannot deduct any of the value of the can on your federal tax return. Gifts to individuals are not tax deductible.

Customer:

Thank You.

Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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