at Donation programs take boats and use them in their in-house programs for a while before eventually selling them on. These Non Profit organizations will evaluate the boat and offer you a Tax Credit. Donating your boat doesn’t make sense if a Tax Credits doesn’t work for you.
Boats of all types can be donated. Each of the organizations below have specialize in a type of boat
Popular Donation Programs;
There are plenty of donation programs from Non Profits or 501Cs. Check your local area or Charity to see if they have a Boat donation program.
How do Boat Donation Programs Work?
This is from the Block Island Maritime site.
Boats donated to a charity can qualify for a significant tax deduction.
An individual or a couple filing jointly are allowed to deduct up to 50% of their adjusted gross income as charitable contributions on their Federal tax return. This would include the appraised value of a boat. Most States also recognize the charitable contribution of boats but State rules can vary and a tax professional should be consulted with regard to an individual’s specific State.
When a vessel is donated to a 501(c)(3) non-profit organization, several conditions must be met in order for the donor to deduct the appraised fair market value of the vessel.
8922 total views, 15 today