Boat donation for tax deduction...Might not be a good idea

[Frugal Floater]

After my outdrive was stolen at marine center on my 18' bowrider, I gave up on selling it for $4,500. I donated it to kars4kids and under new tax laws, you get what it is auctioned for...Given I had a brand new Mercruiser V6 with warranty, tons of options, and it was in good condition, I was surprised that they sent a receipt for $500 (min amount you can get with donation). If would have put this in my front lawn, I know I would have put it out for $2,000+, I would have sold it in a week. Anyway, I think it is worth selling well below blue before donating...If you want to give to a good cause, send them a check from you sale.

 

[craze1cars]

Re: Boat donation for tax deduction...Might not be a good idea

Yepper...that's exactly how it works effective Jan 1, 2005. Here's all the details for you legal types.<br /> http://www.nysscpa.org/cpajournal/2005/1105/essentials/p60.htm <br />Always gotta keep on top of dem ever-changing tax laws....

 

[MrBigStuff]

Re: Boat donation for tax deduction...Might not be a good idea

You've confirmed my worst fears! I have donated several cars over the last few years. No more. This is almost like legalized theft. Sorry to hear about your troubles but hopefully, this will help someone lese avoid the same fate.

 

[Dhadley]

Re: Boat donation for tax deduction...Might not be a good idea

Up until a couple of years ago the local high school did an auction every year. They would come and get the boat and give you a receipt for your donation. Not really sure how it worked because I never donated. My Dad did and was happy with the whole deal.<br /><br />Anyway, they used a boat each year to tow in the boats that were in the water. They actually put the boat in a persons name who was helping and then sold the boat in the auction. Great deal.<br /><br />Apparently they started using more than one boat but only transfered one. And apparently the "helpers" were using the boats for more than towing donated boats. Someone had one in the Keys for lobster season and was involved in a traffic accident. You can guess the rest. The boat was still in the donors name and he had no idea the boat was not at the High School. <br /><br />I guess there was a big mess with whose insurance was going to do what and eventually the school got in hot water from the state. Well, that was the end of the school auctions.

 

[lakelover]

Re: Boat donation for tax deduction...Might not be a good idea

Originally posted by MrBigStuff:<br /> You've confirmed my worst fears! I have donated several cars over the last few years. No more. This is almost like legalized theft. Sorry to hear about your troubles but hopefully, this will help someone lese avoid the same fate.

I donated a car this year and considered myself lucky that I didn't have to pay somebody to haul it away! To me or anyone else, it probably wasn't worth fixing. I still haven't gotten a tax value statement from the company yet (about 2 months), kars4kids.