Donating a Boat

[dpg]

Hi - Thinking about possibly donating a boat this year to a qualifying charity (tax deduction), anybody ever had any experience doing this? It's a 19 footer and is 22 years old. For it's age it looks and runs fine I just am not interested in dealing with the hassle of listing and trying to sell it. I'm sure a boat that age would not be the hottest seller and I'm not always at the lake to meet with people and let them look at it. Basically I don't feel like dealing with it and figure a donation would be just as easy - well easier... Any thoughts/suggestions would be appreciated.

[AC2717]

Hi - Thinking about possibly donating a boat this year to a qualifying charity (tax deduction), anybody ever had any experience doing this? It's a 19 footer and is 22 years old. For it's age it looks and runs fine I just am not interested in dealing with the hassle of listing and trying to sell it. I'm sure a boat that age would not be the hottest seller and I'm not always at the lake to meet with people and let them look at it. Basically I don't feel like dealing with it and figure a donation would be just as easy - well easier... Any thoughts/suggestions would be appreciated.

Hi DPG, not that would never donate at all, because I do a lot, but why not try to sell it to a local marina. I know Thurston's for example last year started selling Handyman speacials and things like that, which I am sure this boat is in better shape. From what I am seeing now it is the older boats that are in good shape that are selling due to the price, just so people can get out on the water, and this would even be a good start boat for someone maybe, I am not sure I have never seen it.

Any ways hit up www.thurstonsmarina.com and then click on sales and then click on used and scroll down the page you will see what I am talking about, plus a lot of marinas in the area do not have the inexpensive boats to sell right now so they might be willing to take it on. Talk to Jeff in sales at Thurstons

[Dave M]

if you Google "Boat for Charity", it will come up will a lot of choices.
Haven't done this so I don't know which ones would be better than others.
It looks like its a matter of filling out form online and they take care of the rest.

DM

[KBoater]

Try the Boat Museum in Wolfeboro. They run an auction every year.

[Resident 2B]

I would have a discussion with a tax accountant regarding the best way to establish reasonable value before I decided to donate it. The IRS is all over the donation of boats and cars and has some rules regarding the amount you can deduct.

I think what you are doing makes sense and the charities really need all they can get these days. You do not want to get burned in the process.

Good Luck!

R2B

[fatlazyless]

....from craigslist....

The Warren, NH, Volunteer Fire Dept is looking for a 16-18' flat bottom boat as a donation, to be fitted out for ice rescues, and will issue a receipt at fair market value. Also: life jackets, flotation devices, rope, etc.

(603) 764-9915, Dwight. 9am - 9pm

Warren, NH, is about a 45 minute drive from Lake Winnipesaukee. up the hills, Route 25, between Rumney and Dorchester, somewhere!

[dpg]

Thanks all, mine isn't flat bottom. I'm assuming the deduction can be what it's priced at on any site listing such things. My boat with trailer was like 1,500 - 1,700 last time I looked. I'm having my taxes done Saturday and will ask the question how this works. If I get anything again it'll be a Wave Runner but that's down the road if I even get that. ;)

[TomC]

It is my belief, but I'm no tax expert, that the IRS took away the "blue-book" value as the deduction amount because people were valuing complete pieces of junk in accordance with the blue-book to take a deduction well above the actual market value of their donation. Now the charity has to send the donor a receipt for the actual amount they receive for the item when it is liquidated. This is often 1/2-1/3 of the consumer blue-book because the sale generally takes place at a wholesale auction. If your boat is listed in a blue-book for $1500, then realisitically you are looking at a donation value of $500-$700. Depending on your tax bracket, you then save only $100-$200 off of your taxes. You may be much better off just selling the thing.

Charities howled when this rule was passed because vehicle donations dropped way off - they didn't care what a donor told the IRS regarding donated value.

Consult your tax advisor for the straight scoop..

[dpg]

Oh ok interesting thanks Tom. Well, if anyone is interested feel free to PM me that is IF I move it this year, although I'm leaning towards that. 19 ft I/O 120 HP.