Gross Proceeds Limit

Gross Proceeds Limit Applies — Generally, if the charity sells your vehicle, your deduction is limited to the gross proceeds the charity receives from its sale.

In addition to the information indicated above, the contemporaneous written acknowledgment must contain:
■ a statement certifying that the vehicle was sold in an arm’s length transaction between unrelated parties,
■ the date the vehicle was sold,
■ the gross proceeds received from the sale, and ,
■ a statement that your deduction may not exceed the gross proceeds from the sale.