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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2043
Experience:  Certified Public Accountant
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If the owner of a vehicle gifts the behicle to another

Customer Question

if the owner of a vehicle gifts the behicle to another person are they able to take a tax credit for the value of the vehicle
JA: The accountant will know how to help. Please tell me more, so we can help you best.
Customer: the vehicle owner lives in ohio - they are considering gifting a vehicle to another person. can the ohio owner claim the value of the vehicle on their federal tax return once it has been gifted to the other person?
JA: Is there anything else important you think the accountant should know?
Customer: the vehicle value is approximately 1,000
Submitted: 8 months ago.
Category: Tax
Expert:  Mark Taylor replied 8 months ago.

Hi, my name is ***** ***** I will be happy to help you with your questions. Please give me a moment to prepare your response.

Expert:  Mark Taylor replied 8 months ago.

Once the vehicle is gifted the previous owner would not be entitle to future deductions. If the owner paid car registration fees prior to the gift they would be able to deduct these on his or her tax return.