You will first need to enable this within the sim by going to Options>MISC,  then check the box that says Enable video and screen capture.

Log out of the sim and back in, then, by default, hitting "Ctrl-Alt-Shift-S" will save a screenshot of the sim to [documents]\iRacing\screenshots\ folder. 

If you are unable to save the screenshot, In your renderer file 

rendererdx11monitor.ini file - used when launching from the iRacingUI
rendererdx11openvr.ini - used when launching in OpenVR
rendererdx11oculus.ini - used when launching in Oculus
rendererdx11openxr.ini -

Make sure these are set to 0

CompressTexturesSuits=0 ; 0=uncompressed 1=block compress (recommended)
CompressTexturesHelmets=0 ; 0=uncompressed 1=block compress (recommended)
CompressTexturesCars=0 ; 0=uncompressed (warning! no!!) 1=block compress (highly recommended)

and in the app.ini you can adjust the file type it saves as