LYCOS RETRIEVER 
Boat Donation
built 642 days ago
Once you have decided to dispose of your boat you must decide which method is the quickest and most financially rewarding, an outright sale or a property donation. In looking at a sale you must take into consideration all of the expenses entailed: dockage, depreciation, insurance, maintenance, storage, repairs, interest and sale commission are just a few. After you have signed a sale contract and the purchaser surveys the boat you probably will be met with more expenses. There are always unforeseen repair items that need to be corrected after a buyerﾒs marine survey. In most cases, the buyer expects the owner to adjust the sale price downward or have the owner pay for these repairs. Another problem in trying to sell your boat is the time factor.
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With recent tax law changes, it's particularly important to deal with an established organization experienced in navigating rules so you receive the maximum benefit from your boat donation. Some charitable organizations have folded after the U.S. Congress passed a new tax law that became effective January 1, 2005, tightening the rules governing the size of the deduction that can be claimed by donating a boat to charity.
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Most of the larger, well-known charitable organizations and many of the rest have boat donation programs--in addition to programs that can process the donation of other large vehicles and craft. Sometimes smaller charities do not have the systems in place to be able to run such programs but they may accept the odd donation of a large item like a boat, a car, or a truck. The process is pretty much the same for all such donations--except for the actual towing mechanics.
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SUNYMaritime College prides itself on running an exempliary boat donation program thatmaximizes the benefits for donors by conforming to the letter and intent of Internal Revenue Service regulations. Wedo not offer tax advice. Donors should consult their tax professional to fully understand implications of donating a boat, sails or equipment.
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If you have a boat you are thinking of donating, you should do it now rather than letting it sit and deteriorate for several years. Charities usually cannot afford to make repairs, and a boat in terrible condition simply does not sell well. You will still be able to deduct the fair-market value for your boat and you may or may not be able to take credit for the work you do on it (talk to your local tax professional). Besides, the more money it brings, the more your donation benefits your chosen charity.
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If you donate your boat to a qualified organization you may generally deduct the fair market value at the time of the contribution. The value of your boat is determined by an appraisal from an expert in a field related to your property. The IRS, in their publication #561, suggests using marine surveyors and published market guides to help determine the "Fair Market Value".
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Boat Donation