EXAMPLE 1: On April 1, you donated your car to the local food bank. When you donated the car, you had determined that the fair market value was $4,300. On November 10, the charity sold your car (to someone other than a needy individual), without any significant intervening use or material improvement, and received gross proceeds of $3,700. Your deduction may not exceed $3,700.
Time and Manner of Providing Acknowledgment
You must obtain the written
acknowledgment from the charity within 30 days from the date of the vehicle’s sale,
or if an exception applies, within 30 days of the date of the donation.
The charity may use Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, as
acknowledgment or provide its own statement containing the information described above. Be sure to attach the acknowledgment and Form 8283, Noncash Charitable Contributions (see
below), to your return.
EXAMPLE 1: On April 1, you donated your car to the local food bank. When you donated the car, you had determined that the fair market value was $4,300. On November 10, the charity sold your car (to someone other than a needy individual), without any significant intervening use or material improvement, and received gross proceeds of $3,700. Your deduction may not exceed $3,700.
EXAMPLE 1: On April 1, you donated your car to the local food bank. When you donated the car, you had determined that the fair market value was $4,300. On November 10, the charity sold your car (to someone other than a needy individual), without any significant intervening use or material improvement, and received gross proceeds of $3,700. Your deduction may not exceed $3,700.
