The IRS allows you to claim a tax deduction of: The market value of your vehicle for – if it becomes a Program Car that Cars of Hope donates to someone in the community. The amount we sell your vehicle for – if it is too costly to repair and is sold for more than $500 you will receive an IRS form stating the sale amount. If is sold for less than $500 you may take a maximum deduction of $500. Receipts will be issued by Cars of Hope which is classified as a 501(c)(3) charity organization.