2) If the car was gifted to me, does this make the cost $0, or the FMV of the car at the time of gifting? A gift's cost basis is the lower of its purchase price or the FMV at the time of the gift.With three years depreciation and additional mileage, it is very unlikely that your insurance settlement exceeded the value of the car at the time of the gift which means that there is no reportable income.Debra
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