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If there was significant intervening use of or material improvement to the car by the organization, the acknowledgement does not have to include the statement certifying the organization sold the car in an “arm's length” transaction between unrelated parties, the gross proceeds from the sale, or a statement that the donor's charitable contribution deduction may not be more than the gross proceeds from the sale. Instead, it must contain a certification of the intended use of or material improvement to the car and the intended duration of that use, as well as a certification that the vehicle will not be transferred in exchange for money, other property, or services before completion of that use or improvement. This acknowledgement must be provided within 30 days of the contribution. The organization also must provide this information to the IRS.
|Sheri Ann Richerson|