Under the law as it exists today, the charity must tell both you and the IRS what it received from the sale of a vehicle you donated. Your deduction is equal to the sale proceeds.
In 2000, the year to which this court case applies, this was not the case. The law allowed the donor to deduct the fair market value of the vehicle on the date of the donation. This case helps illustrate why lawmakers found the concept of ... Log in to view full article.