BoatUS: Summer boat donations bring more valuePosted on
BoatUS is recommending that owners who are considering donating their boat do so now instead of waiting until the end of the year.
“Donating a boat now during the summer high season can help boaters realize more value for their donations,” Chris Edmonston, president of the BoatUS Foundation for Boating Safety and Clean Water, a non-profit based in Annapolis, Md., said in a statement.
Because of a 2005 change in tax law, the IRS bases the value of a charitable deduction on the actual selling price of the donated boat, and the prices are higher at the start of the season, BoatUS said.
“More boats are sold now than at any time of the year, and we believe you deserve the best chance for maximum donation value,” Edmonston said.
Additionally, it takes time to sell a boat, so donating it in December can decrease a boater’s chance of getting premium value for the donation.
BoatUS said its Foundation Boat Donation Program is different because it uses a partner broker to advertise the boat to help realize its highest value.
The foundation also said it ensures that the donation process runs smoothly, from picking up the boat to handling the paperwork. A donation to the foundation also goes to programs that benefit recreational boaters, such as free online boating safety courses.