- Example: A vehicle that is resold for cash is deductible only on the sale price of the car, rather than its fair market value. If the charity gets only $800 for your $2,500 Ford, you can deduct only the $800.
Get a receipt from the charity. The charity is required to send a notice of sale within 30 days advising you of the car's sales price. CQI will provide all documentation accordingly.
The state may see in its records that you have a car still registered that is without insurance and penalize you for that. If the vehicle is in a crash or impounded, as legal owner you are going to be looked at.