re: Paying taxes on a gifted privately sold vehicle

quote:

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Now, I am selling the car for a profit bc I did not originally pay for it. What, if any, taxes am I responsible for?

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Your basis in the gifted vehicle is the lesser of the donor's basis or the FMV of the property at the time of the gift. If the sales price is less than the FMV when you received the vehicle, then you are selling at a loss, and there is no tax.