Sold Car by Computer

[joey2665]

Originally Posted by P-3 Guy

No surprise. Used cars in good condition with low miles are in high demand. You can be sure that the "big name" buyer turned around and sold the car for more than the $26,000 they paid for it. I hope the 90+ year old relative who gifted the luxury car with less than 7,000 miles knows enough to file a gift tax return with the IRS (Form 709).

Depending on how gifted the 709 might not be required.


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[P-3 Guy]

Originally Posted by joey2665

Depending on how gifted the 709 might not be required.

Correct, I'm assuming facts (not always a smart thing to do) that have not been disclosed: the number of people making the gift and the general fair market value of the luxury car with less than 7,000 miles on the clock.