If you have a vintage boat that you would like to donate for a non-profit tax write off, please contact us.
Why donate to us?
Donating your boat to charity can save you the hassle of finding a buyer and haggling over the price, plus you feel all warm and fuzzy inside. Knowing that your vintage boat will be cared for by master vintage boat craftsmen and caretakers and put to a charitable use makes the deal even better.
Receive Auction Value as Write-Off
If you donate your boat to charity, chances are the charity is going to sell or auction the boat for much less than its value it to raise money for its mission. If so, you’re limited to deducting the sale price the charity gets when it sells the boat. For example, if your boat is worth $5,000 but the charity auctions it off for $3,000, you can only deduct $3,000 on your income tax return.
Fair Market Value Exception
If the charity uses the boat for its mission as we do, you can deduct the fair market value of the boat instead. For example, if the charity promotes marine safety and uses your donated boat to do safety demonstrations, you could deduct the fair market value of the boat.
After you donate the boat, the charity should give you a Form 1098-C that shows how much the charity received when it sold the boat. When you file your income taxes, you must use Schedule A to itemize your deductions to claim the donation. In addition, if the donation is worth more than $500, you must attach Form 8283 to document the donation. Boats valued at over $5,000 require a qualified appraisal. We can generally find a surveyor that will do an appraisal for donation purposes fairly inexpensively.
Donations Valued Over $5,000
A donor must file Form 8283, Noncash Charitable Contributions, to report information about noncash charitable contributions if deductions for all noncash gifts during the year exceed $500. If the contribution deduction is over $5,000, the donor must complete Section B of Form 8283, and an authorized official of the charity must complete a portion of the form and sign it. The donor must give the charity a copy of Section B.
A charity required to sign Form 8283 for receipt of a vehicle must file Form 8282, Donee Information Return, if it sells or otherwise disposes of the vehicle within three years after the date it received the vehicle. This form must be filed within 125 days after the charity disposes of the vehicle. This form requires the charity to identify the donor, the charity, and the amount the charity received upon disposition of the vehicle. The charity must give the donor a copy of the completed Form 8282.