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URL:  https://boards.fool.com/non-cash-contribution-car-14326583.aspx

Subject:  non-cash contribution--car Date:  2/11/2001  11:22 PM
Author:  phoebesnow Number:  46206 of 129521

Hello,

I've done quite a bit of searching, both here and on the IRS page, but can't seem to find the answer.

My dad gave me a car as a wedding present. Last year we decided to give up on repairing this car time and time again. So, we bought a new car and donated the old car to charity.

Now, I'm preparing my taxes. The old car had a blue book value of $1,300. However, because the value of the donation is over $500, I have to report my cost-basis. I can't figure out what my cost-basis is. This car was a gift to me, although my dad did incur a cost. Can anyone give me some advice on what I should report as the cost-basis? Thank you in advance.

Phoebesnow
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