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What can I donate?
Is my donation tax deductible?
How is the value of my donated boat or
equipment determined?
How will my donation be used?
What is the donation process?
What
forms are necessary?
What other additional
resources are available about boat donations?
What
can I donate?
Sailboats,
motorboats, equipment (i.e. used sails), kayaks/canoes,
dinghies. Click to see examples of
recent
donations and boat donation guidelines
Is my donation tax deductible?
Yes, 100% of
the fair market value of your donation is tax deductible.
For additional information see Internal Revenue Service
Publication 526: Charitable Contributions
How is
the value of my donated boat or equipment determined?
The value of donated boats and equipment (or groups of
similar items such as sales) over $5,000 is determined by a
qualified appraiser you select. This avoids research and
guesswork for you and eliminates a potential conflict of
interest for a charity eager to attract the potential
donation with an inflated appraisal. If you need an
appraisal for your donation contact
The National Association
of Marine Surveyors (NAMS) or The
Society of
Accredited Marine Surveyors (SAMS) for a boat or your
local sail loft for valuing donated sails.
For donated vessels that we are not able to make substantive
use of or materials improvements to, the value is determined
by the amount we report to you and the Internal Revenue
Service that we sold it for. This eliminates the guesswork
and risk of you determining the value of your donation.
We will not accept a boat without telling you what our plans
are for it upfront.
For
an idea of what your boat may appraise for try
BoatU.S.
Value Check or compare similar boats in classified ads
such as at
www.yachtworld.com
For additional information see page five of the Internal
Revenue Service
Publication 561: Determining the Value of Donated Property
How will my donation be used?
Donations to the Community Boating Center will be used to
support a variety of waterfront
activities such as learn to sail programs, college and
high school sailing teams, and safe powerboat
handling courses. When the vessel no longer meets our
program needs it is sold to provide the financial support
necessary to operate these activities.
Donating a
boat can provide significant peace of mind for a boat owner.
Tax law changes implemented in 2005 enhance the benefits of
individuals donating to reputable charitable organizations
such as the Community Boating Center – one of the area's
greatest contributors to the
betterment
of our local youth. Now the charity is required by law
to state up front one of three intended uses of the vessel:
Held for Sale; Significant Intervening Use; or, Material
Improvement. Here is what this means to you:
-
If the boat is “Held
for Sale” the donor is entitled to a deduction equal
to the actual sale amount – eliminating guesswork
-
If the boat will be
put to “Significant Intervening Use” or “Materially
Improved” the donor is able to claim a tax deduction
of 100% of the fair market value as determined by a
qualified appraiser they hire and can have up to
five years to write it off.
What is the donation process?
Donating your boat and equipment to the Community Boating
Center is as easy as 1-2-3:
1. Contact us – Call phone
508-992-6219,
e-mail Peter Durant or complete and return
boat
donation information form to determine if donating
your boat or equipment is right for you and Community
Boating Center.
Click to
see examples of recent donations and boat donation
guidelines.
2. Arrange donation - arrange a
surveyor to appraise the value of your boat, complete
straightforward paperwork (we provide all necessary
paperwork [anchor to forms] and can walk you through
process), and let us know when you would like us to
pick-up the boat. If you need an appraisal for your
donation contact The
National Association of Marine Surveyors (NAMS) or
The
Society of Accredited Marine Surveyors (SAMS) for a
boat or your local sail loft for valuing donated sails.
3. Claim Tax Deduction - receive
official letter acknowledging tax deductible donation
and IRS form to be submitted with your tax return
What
forms are necessary to donate a boat?
Community
Boating Center will not provide tax, legal or financial advice but
will help you with the straight forward process of
completing the only two forms below that are necessary to
donate your boat:
-
Deed of
Gift/Bill of Sale:
United States Coast Guard (CG 1340) Form
-
Claiming
Tax Deduction :Internal Revenue Service
Form
8283 Noncash Charitable Contributions and Instructions
for Form 8283
What
other additional resources are available about boat
donations?
Tax Deductible
Donations
Internal Revenue Service
Publication 526: Charitable Contributions
Internal
Revenue Service
Publication 4303: A Donor’s Guide to Car Donations (applies
equally to boats)
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