Gift of Car IRS tax law

[myra]

North Carolina

I've bought a new car,I'm giving my older car to my grandchild (as a gift) No money exchanged,Can I take the (blue book value) of the car,off of my taxes when I file in 2003? The (blue book value is under $10,000,00

And if so what kind of proof would I need for the IRS?

Thanks,

 

[loku]

You get no deduction by giving your car as a gift to your grandchild. There is no tax benefit to doing so. In fact, there are no tax consequences whatsoever.