Vehicle Appraisal for Gift Tax
Vehicle appraisal services for gift tax reporting covering IRS Form 709 valuation as of the date of the gift, prepared to meet IRS reporting requirements and in accordance with USPAP. Chrome Auto Appraisers values cars, classic cars, pickups, trailers, RVs, and motorcycles given to family members and others nationwide.
Form 709 vehicle values are stated as of the date of the gift, including gifts to family members and family sales below fair market value
Chrome Auto Appraisers prepares vehicle appraisals for donors who report gifts on IRS Form 709, the federal gift tax return. A gifted vehicle is generally valued at its fair market value on the date the gift is made, and our appraisers conclude that value from sales of comparable vehicles in accordance with USPAP. The Form 709 instructions explain how gifts are valued and reported, and IRS Publication 950 introduces estate and gift taxes.
A sale to a family member for less than fair market value can be partly a gift, generally the difference between the vehicle's value and the price paid. Documenting the value as of the transfer date supports how the transfer is described on the return, and the Form 709 instructions describe the adequate disclosure rules for gifts.
Whether a particular gift must be reported on Form 709 depends on the donor's situation, so confirm it with a tax advisor. We state the vehicle's value, and the reporting decision stays with the donor and the advisor.
Date-of-gift value
Fair market value stated as of the date the vehicle is given.
Gifts to family members
A documented value for a car, truck, or motorcycle passed to a relative.
Sales below fair market value
A family sale priced under the vehicle's value can be partly a gift, and the appraisal documents the value side.
Adequate disclosure support
A written USPAP report that describes the vehicle and how its value was determined.
A gift tax vehicle appraisal starts with the vehicle and the date of the gift, accounts for how it was transferred, and ends with a USPAP report for Form 709
- 01
Tell us the vehicle and the date of the gift
Send the year, make, model, VIN, and photos, and give the date the vehicle was or will be transferred.
- 02
Describe the transfer
Say whether the vehicle is a pure gift or a sale to a family member below its value, and share any price paid.
- 03
Name your filing date
Give us the Form 709 due date. We confirm up front whether we can meet it, and expedited service is available.
- 04
We appraise and report
Our appraisers research comparable sales and deliver a USPAP report stating the value as of the gift date, under a fixed fee quoted before work begins.
Form 709 values a gifted vehicle as of the date of the gift, a below-market sale to family can be partly a gift, and your tax advisor decides what must be reported
Is a gifted vehicle valued on the day I give it or the day I file?
Its value is generally measured on the day the gift is made, not the day you file. Give us the transfer date and we state the vehicle's fair market value as of that date.
Does selling a vehicle to a family member below market value count as a gift?
It can be. The difference between the vehicle's fair market value and the price paid is generally treated as a gift. A tax advisor determines how to report it, and our appraisal documents the fair market value.
Does every vehicle gift have to be reported on Form 709?
Not necessarily. Whether a gift must be reported depends on the donor's situation, so ask a tax advisor. An appraisal supports the value if you report the gift or simply want it documented.
What does adequate disclosure of a gifted vehicle involve?
The Form 709 instructions describe adequate disclosure, which includes describing the property and how its value was determined. A written USPAP appraisal gives you that valuation support for the vehicle, and your tax advisor decides what to attach to the return.
Request a Form 709 vehicle appraisal with the date of the gift and your filing date confirmed up front
Share the vehicle, the transfer date, and your filing date, and we confirm timing and fee before work begins.