1. The value of the car
2. Your relationship to the person who left you the car
3. The laws in your country or region
Value of the car
In many jurisdictions, there is a minimum value threshold for inherited property or gifts below which no tax is owed. If the value of the car that you inherit is less than this threshold, you may not have to pay any tax on it.
Relationship to the person who left you the car
In some cases, the amount of tax you owe on an inherited car may depend on how closely related you are to the person who left you the car. For example, if you inherit a car from a spouse or parent, you may be entitled to a larger tax exemption than if you inherit it from a distant relative or even a friend.
Laws in your country or region
The laws and regulations regarding tax on inherited property and gifts vary from country to country and even from state to state. It is important to consult with a legal or tax professional in your area to determine exactly what your obligations are with respect to any tax or duties payable on an inherited asset like a car.
