Donating a boat to charity

[trebbel]

Does anyone have experience donating a boat to charity? I spoke with a "donation facillitator" and it seems that this might be a good way to go, given I have not been able to find the buyer for my boat.

Any thoughts, recommendations or insight is appreciated.

Thanks,
Todd

 

[RT 240SD]

Be careful is all I would say. I know Grassley changed the rules drastically for auto donation in the past few years, giving some charities quite a leg up over others. Make sure you compare to get the best "deal."

It is done rather frequently in our area, in fact I'm waiting for them to come pick up this hulking Chris Craft from across the fairway that was recently donated. I can't wait to get him out of my way.

 

[searaycruisn]

I donated a boat to an organization in New York City. At the time I did it (2003) the tax rules allowed you to take a tax deduction for the estimated fair value of the boat (which depending on the value of the boat had to be supported by a written appraisal).

The tax deduction now is determined by how much the organization sells your boat for. They are required to provide you (and IRS, I think) a document which identifies how much they sold the boat for, and that becomes your tax deduction.

The rules are a little different if you donate the boat to an organization that is actually going to use the boat for their tax exempt purpose. In that case, you still get to deduct the appraised value, but it is difficult to find an charitable organization which accepts donated boats, for use in their tax exempt function.

 

[fc3]

Top tax bracket for 2008 is 35%. Donate, for example, a $100,000 boat and you get a $35,000 benefit. Seems better to sell it at a heck of a good discount, say, $70,000, unless you have some really really special tax circumstances. Or am I missing something here? The tax expert will correct me where I'm wrong, I'm sure.

On the other hand, I donated several cars that really didn't have much market value. The first aid squad likes them since they practice extractions with them. Then they junk them. It is nice since you can't determine their original condition once they finish tearing the cars apart with the jaws of life.

Best regards,
Frank

 

[Cocktail Time]

Associated Marine Institute, Tampa FL, Dave Bender
dbender@amikids.org

They do exactly what you are looking for, from 100'+ Yachts, aircraft, to your Sea Ray. Very reputable company.

Best of luck,

Dan