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Charitable boat donation

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Old 11-08-2008, 09:59 AM
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Default Charitable boat donation

What is the best service or way to donate a boat to charity. I obviously want to get the maximum deduction with minimum hassle.

1986 Grady White 25' Sailfish with twin 1990 225 Johnson's on aluminum tadem trailer.

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Old 11-08-2008, 12:12 PM
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Hey neighbor, try the reedville fishermans musium.
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Old 11-08-2008, 03:51 PM
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Originally Posted by ciaoderhead View Post
What is the best service or way to donate a boat to charity. I obviously want to get the maximum deduction with minimum hassle.

1986 Grady White 25' Sailfish with twin 1990 225 Johnson's on aluminum tadem trailer.

Thanks
What is wrong with the boat?
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Old 11-08-2008, 06:18 PM
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Originally Posted by ciaoderhead View Post
What is the best service or way to donate a boat to charity. I obviously want to get the maximum deduction with minimum hassle.

1986 Grady White 25' Sailfish with twin 1990 225 Johnson's on aluminum tadem trailer.

Thanks

Sounds like you should donate it to me.
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Old 11-08-2008, 08:20 PM
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There are two things you may need to address or consider.

1) For charitable donations of property in excess of $500 you MUST have a qualified appraisal done. You also MUST receive an acknowledgemt or reciept by the organization stating no consideration or services have been received by you for the boat (or something along those lines)

2) I know for cars the IRS has limited the deduction to the lesser of the fair market value or what they sold it for. This only applies if a charitable organization is merely receiving the donation and selling it to the public. If you give your car to an organization that actually gives it to a homeless man or hurricane victim or uses it in their organizatin then you get the whole fair maket value. I'm not 100% sure if this applies to boats too, but my instinct tells me it probobly does and if you want to cover your azz I'd assume it does.

So if you want to maximize your deduction you need to 1) get an appraisal done and 2) give the boat to an organization that will use it....... Definitely call around first and make sure they aren't just going to fire sale it to the public.

Last edited by TexomaPowerboater; 11-08-2008 at 11:04 PM.
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Old 11-09-2008, 07:39 PM
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Hey neighbor, try the reedville fishermans musium.
I did check with them. Still waiting for info. Would like to take the deduction this year. Museum just resells it.

You fishing the KC Rogers tourney next week?
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Old 11-09-2008, 11:17 PM
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I know of one up here in Maryland, PM me for the info if you'd like. I know they will be interested in if it will trailer okay up to here. They use the boats in a mentoring program for at-risk kids. An organization must keep the boat for at least 1 year for the maximum deduction for you.
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