Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.
08-28-2017 06:44 PM
Solved! Go to Solution.
08-28-2017 07:49 PM
Welcome to the H&R Block community.
You do not need to worry about anything here. The recipient of a gift is not subject to tax on the gift. However, you may be subject to tax later on if you realize a gain on this vehicle when you sell it.
In your situation this gift was received from two individuals so its value could have been up to $28,000 ($14,000 each) before either of these people would have had to worry about anything, and even then there's a chance that they may not have had to actually pay the gift tax.
If you have any other questions I'll be glad to help.
Senior Tax Advisor (Tampa, FL)