tax question

OrganizedChaos

Diamond Member
Apr 21, 2002
4,524
0
0
i recieved a vehicle from a family memebr as a gift. i recently sold this vehicle for $2200, do i /should i report this as income on this years taxes? is it considered earned income?

 

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
Look up Gift Tax on irs.gov. I think there is a certain limit that isn't taxable, but go over that and it is.