They asked me to DONATE my boat....
10-15-2004 | 07:30 PM
#12
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Joined: May 2004
Posts: 5,762
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Re: They asked me to DONATE my boat....
Know several who have done this and despite it all be on the up and up; triggered a multi-year IRS audit for some of them. If you donate be sure you have your last few year's returns in "good order" first!! You know ...shoe boxes of receipts and all. "T's" crossed and "i's" dotted very well. I know with a boat they may ask to see a survey and valuation. Pictures the whole nine yards.
10-15-2004 | 10:48 PM
#15
Platinum Member
Joined: May 2003
Posts: 3,707
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From: MA and NH
Re: They asked me to DONATE my boat....
What really bothers me is that they chase after people who have their boats advertised.I cannot tell you how many times I have been called by the same orginazation offering me $50-75000 for a boat advertised for $175 ish.If I wanted to donate my boat,I would have called you!The bottom line is that it is just another poor taste solicitation call from someone trying to take advantage of an individual trying to sell their boat.I am sure there are some isolated cases where it might actually be beneficial to someone,but not to the majority of boaters I know.
10-16-2004 | 06:26 AM
#16
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Joined: Sep 2003
Posts: 3,029
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From: Toledo, Ohio/Las Vegas, NV
Re: They asked me to DONATE my boat....
Originally Posted by expresscat39
If you factor the Fed and State dedcutions you gain $135m.
I traded my 311 Formula to a 382 Formula through Jeffrey last year. He is very good to work with and this worked out well in my particular situation. However, there are a couple things you need to be aware of.
1.) The deduction applies to federal tax liability only. It DOES NOT apply to state tax liability!
2.) Be sure to discuss this plan and the numbers thouroughly with your accountant before you do it. There is something called AMT or Alternative Minimum Tax. If your deductions:income ratio is significant, you will hit the AMT buzzer and you will lose a portion of the tax benefit.
PM if you want to discuss this further.
Last edited by RedDog382; 10-16-2004 at 06:40 AM.
10-16-2004 | 06:35 AM
#17
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From: Toledo, Ohio/Las Vegas, NV
Re: They asked me to DONATE my boat....
Originally Posted by fund razor
Ya know...
I asked the kids in our hospital if they would like to ride on a Top Gun, and they said h*ll yes. So if you wanted to donate it to us, we can give you a tax deduction and set up an endowment for small PFDs and fuel. (We are a 501-c3)
Maybe we could put booster bolsters in and a wheelchair rack.
Then I can boat even MORE during the work week than I already do, and you will get a tax deduction. Our hospital logo is seafoam and red. Will that match the color scheme on your TG?
Plus we could have glassdave paint
"Pediatric Top Gun Made Possible By Expresscat39"
Maybe OSO would sponsor T-Shirts for the kids that say:
"I feel much better riding in a Top Gun."
I asked the kids in our hospital if they would like to ride on a Top Gun, and they said h*ll yes. So if you wanted to donate it to us, we can give you a tax deduction and set up an endowment for small PFDs and fuel. (We are a 501-c3)
Maybe we could put booster bolsters in and a wheelchair rack.
Then I can boat even MORE during the work week than I already do, and you will get a tax deduction. Our hospital logo is seafoam and red. Will that match the color scheme on your TG?
Plus we could have glassdave paint
"Pediatric Top Gun Made Possible By Expresscat39"
Maybe OSO would sponsor T-Shirts for the kids that say:
"I feel much better riding in a Top Gun."
You know, I think you're on to something here! I like that ... always thinking on your feet! Should have known you would come up with something like this!
Of course, I know you would need a physician along to oversee and ensure the health of the "patients" on board the "Pediatric Top Gun Made Possible By Expresscat39". You could even pay me to drive and deduct my services as a business expense!
RedDog
Last edited by RedDog382; 10-16-2004 at 06:43 AM.
10-16-2004 | 10:44 AM
#19
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Joined: Jul 2002
Posts: 2,867
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From: Waterford,MI
Re: They asked me to DONATE my boat....
I don't know how a person or couple in the 100,000 to 200,000 income bracket could claim a 100,000 deduction without running into the alternative minimum tax. It happened to us with a much smaller deduction. That would make your deduction almost useless.
10-16-2004 | 11:37 AM
#20
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Joined: Dec 2003
Posts: 1,991
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From: Socialist Republic of Washington State
Re: They asked me to DONATE my boat....
Can State taxes also trigger the AMT? Looks like they are going to allow state sales tax to be deducted for the first time sine 1986 (for those states w/o an income tax.
Reason I am asking is I paid 27,000 in sales taxes on a boat/trailer purchase this year and wonder how much I can deduct before triggering the nasty old AMT.
Reason I am asking is I paid 27,000 in sales taxes on a boat/trailer purchase this year and wonder how much I can deduct before triggering the nasty old AMT.
