As a result, the entire history of the car is documented. For the next twelve years, the âBird sat. Joe partially disassembled the car to determine what it was going to need. the list became so long that parts were acquired as opportunity and funds allowed. Fortunately, most of the special Superbird parts could be reused.
As of the 2012 tax year, the exclusion amount is $13,000 for each person you make a gift to. If you're married, you can double that: you and your spouse are each entitled to give away $13,000 per person.
6. If the vehicle being donated to a family member and the value is less than $10,000 then it is possible to simply gift it to the individual. The family member that receives the car will not have to pay any taxes on it though whether you can take a deduction from the gift in your taxes.