If a vehicle is given to me by my parents, am I allowed to depreciate it for tax purposes?
Section 1015(a). This section states, in pertinent part, that for property acquired by gift, "the basis shall be the same as it would be in the hands of the donor...except that if such basis is greater than the fair market value of the property at the time of the gift, then for the purpose of determining loss the basis shall be such fair market value." source
That seems to indicate that you can in fact depreciate a vehicle given to you?