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Donate my 382 Formula

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Old 06-09-2004, 08:42 PM
  #11
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Default Re: Donate my 382 Formula

HW - Is yours the bad-a$$ one with Teague 800's and Arnesons?
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Old 06-09-2004, 08:52 PM
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Default Re: Donate my 382 Formula

I am no accountant , but....suppose your boat's worth 80,000 (with a real survey). You take an $80,000 deduction from your INCOME not your TAXES. Now if your in , say , the 30% bracket that saves you $24000 in real dollars.

Now lets do the math. You gave away an $80,000 boat for $24,000 AND raised a flag with the IRS.

Why not sell it for $40,000 or even $30,000 (which is a steal) and you still come out ahead and no audit by the tax cops. Not particularly rocket science
Unless of course the boat in question is a genuine POS , worth $15,000(maybe)
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Old 06-09-2004, 09:26 PM
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Default Re: Donate my 382 Formula

MRE

http://www.mredonations.com

Last edited by PhantomChaos; 06-09-2004 at 09:37 PM.
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Old 06-09-2004, 09:39 PM
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Default Re: Donate my 382 Formula

Quote:
Originally Posted by hot water
I have 1 2000 382 Formula Fastech that I have been trying to sell. I have been contacted in the past by charitable foundations asking if I have considered their donation program. At the time it did not make sense but I believe it might make sense now. These foundations offer you a cash value for your boat and a above average market value for your boat for charitable tax write off.

Does anybody know one of these foundations or have dealings with this type of charitable write off.

Thanks for the info

allen, hell i will come and pick it up.... i can be there in ah , 5 minutes... or less if i really hurry...
u know i am a charity case,, so would be a real good cause..
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Old 06-09-2004, 09:56 PM
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Default Re: Donate my 382 Formula

Good luck and hope you make the right move as it is a big one!
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Old 06-10-2004, 01:15 AM
  #16
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Default Re: Donate my 382 Formula

Hot Water,

I bought my 382 from Jeffrey at MRE and did a bargain sale donation of my 311 last year. You get a low cash price on your boat, then you write off the difference between the cash price and the appraised value.

If your boat appraises at $180,000, you "donate" your boat to them for an agreed to cash price of say $80,000. You can then "write off" a chartitable donation of $100,000 on your federal tax liability. If you are in a 36% tax bracket, this would amount to $36,000 less that you would pay in federal tax liability. You would therefore have netted $116,000 from the "bargain-sale donation" of your boat.

Be aware ... this DOES NOT apply to state or local tax liabilities. Also be aware that a large write-off like this may subject you to the AMT or Alternative Minimum Tax rules and lessen the benefit of your "donation".

Worked out OK for me tax-wise as I have recieved my refund check without audit by the IRS, but it does increase your risk of audit. After the 311 was put back up on the market, I was flooded with calls from people that were interested and would have bought it at a reasonable price.

I would check with Jeffrey for a proposal and then review the potential tax benefit thoroughly with your accountant before doing this.

Last edited by RedDog382; 06-10-2004 at 02:03 AM.
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Old 06-10-2004, 01:22 AM
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Default Re: Donate my 382 Formula

Quote:
Originally Posted by C_Spray
HW - Is yours the bad-a$$ one with Teague 800's and Arnesons?
That is a different 382. Owner of the Teague 800/Arneson 382 is "Off Duty".
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Old 06-10-2004, 09:58 AM
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Default Re: Donate my 382 Formula

Hot Water,

I have a charitable organization in Florida that could generate huge attention if we received the boat. Maximus is in the organization with me. We throw 5-7 extravagant parties each year raising big money for local charities. We have toyed with the idea of having a nice boat donated and then raffling it off. If you proceed with donating your boat to charity, let me work with you on bringing it to Florida. There are lots of charities starving for money since the government cut back funding.

Thanks,

LaughingCat (Jon)
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Old 06-10-2004, 10:42 AM
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Default Re: Donate my 382 Formula

Did this recently.
The key is to have a comprehensive survey with pictures and lots of detail.
Although this type transaction certainly does raise the potential for an audit, the " impartial and objective valuation " of the donation really isn't challenged according to a tax attorney I consulted with.
Good Luck !!
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Old 06-10-2004, 11:43 AM
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Default Re: Donate my 382 Formula

Quote:
Originally Posted by C_Spray
HW - Is yours the bad-a$$ one with Teague 800's and Arnesons?
That Formula belongs to a friend of mine in Discovery Bay, CA. You will be seeing this boat in a future issue of PowerBoat Mag. They just did a photo shoot in San Francisco Bay about two weeks ago.

Off Duty From OSO is the Marine Service that rigged the whole boat with Teagues and Arnesons
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