Not Using Your Boat Much? Why Not Consider Donating Your Boat?
You don’t have to be rich to receive significant benefits from vessel donation to a marine charity.
Contrary to general belief, donating your yacht does not mean “giving it away” without any benefits to you. In fact, many boat owners are finding that they can net more bottom line dollars from a vessel donation than they can in an outright sale.
This is a very real possibility because you receive a tax deduction up to the market value of your yacht depending on the intended use by the non-profit organization plus your yachting expenses end immediately – not in six months or a year while you’re waiting for a sale.
With high fuel prices and difficult economic times, any yacht broker will tell you that boats are taking much longer to sell these days, and you’re stuck with paying for moorage and maintenance costs until a sale is final.
In a vessel donation, the transaction can be completed in a matter of days, there are no broker commissions to pay, and your expenses are eliminated immediately.
You’ll want to consult your accountant on how this applies to your individual situation, but you can deduct up to 100 percent of the appraised value of your vessel, depending on your tax situation and the intended use by the nonprofit group.
You can then apply this savings on up to 50 percent of your adjusted gross income annually, and any remaining balance not immediately deducted can be carried forward for the next five years.
That’s important to note: you can deduct the value of your boat donation for up to five years forward. It doesn’t matter if you can use the deduction now – if you expect to have a significant taxable income anytime in the next five years, a tax-deductible boat donation could come in handy.
When you add up the tax deductible value of your boat donation plus all of the money you save by not having to pay any more boat expenses during a extended sales effort, you could end up with more money than you would in an outright sale.
By donating your boat to Pacific Marine Foundation, your ongoing expenses of ownership, such as moorage, maintenance and fuel, terminate immediately, and there are no more headaches with showing your boat to bargain hunters and “fender kickers”.
Pacific Marine Foundation has quickly become a leader in the field of boat donations precisely because of its expertise in understanding and managing the complexities of marine donation. Our paid and volunteer staff includes attorneys, yacht brokers, marine equipment specialists, licensed commercial captains and industry experts with more than 30 years in the business.
When you decide to donate your boat to the Pacific Marine Foundation, you can be assured that your gift will be handled promptly, professionally, with legal integrity and with personal care. We have the proven experience.
A tax-deductible boat donation to Pacific Marine Foundation offers you significant advantages. While your gift gives you the benefit of an immediate tax savings at 100 percent of appraised value, it also creates tangible benefits for our recipient organizations.
While you might not have a high taxable income now, but if you expect to have a high income — and high tax bill — in the next five years, you might be a good candidate for donating your boat! Naturally, you would want to consult your tax adviser.
A gift to Pacific Marine Foundation is a legitimate alternative to what may otherwise be a disappointing return on sale, and you’ll be making a contribution that helps support our youth programs.
Contact Us for a no-obligation consultation at 1-888-GIFT-BOAT (888-443-8262) or visit our web site at PacificMarine.org.
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