When it comes to making charitable donations, most people tend to think about donating at the end of the year. But when it comes to boats, a boat donation may not get you a maximum deduction amount at year end.
Donating a boat to charity that still has value in it’s use (meaning it still runs and is worth something to somebody) will also help you maximize your tax deduction amount. Win-win for you & the charity.
Summer is the Best Donation Time for Boats
Donating a boat during summer is your best bet for receiving the largest tax deduction possible. This allows charities to sell your vessel during peak season, which results in a larger tax deduction.
Donating a boat now during the summer high season can help boaters realize more value for their donations. More boats are sold now [during summer] than at any time of the year, and we believe you deserve the best chance for maximum donation value.
Why summer? Donating a boat in December greatly decreases your chances of a successful tax break for the current year because of the time it takes to sell a boat. Buyers are prepared to purchase a boat during summer seasons to take full advantage of the vessel. So if you are wanting to rid yourself of your old vessel, or simply donate a boat to make room for a new one, Giving Center is prepared to accept your charitable donation!
Giving Center Boat Donation Program
Most charities simply sell the boats donated at an auction, however, the Giving Center Boat Donation Program is different in that it uses various to advertise the boat to help realize its highest value. Giving Center also ensures that the donation process runs smoothly, from picking up the boat to handling the paperwork. A charitable boat donation to Giving Center also goes to programs that benefit recreational boaters such as free online boating safety courses.
Acceptable donations include:
- Power boats
To understand more about how to donate a boat to charity, be sure to review IRS rules for determining maximum deductions for charitable contributions.
Here are some IRS publications on the topic:
- A Donor’s Guide to Vehicle Donation
- Publication 526, Charitable Contributions
- IRS rules for determining maximum deductions for charitable contributions
Remember you can deduct contributions to charity only if you itemize deductions on Schedule A of Form 1040 and attach a 1098-C form which you receive from the organization you donate to, with your tax return. And of course, boaters should always consult a tax professional regarding boat donations or other charitable donations. If you have any questions about making a boat donation please visit us here or contact a live representative by phone at 888-228-7320 today!