Tuesday, December 29, 2015
What is a Boat Donation Tax Deduction?
If you decide to donate a boat to a local charity, one of the financial benefits you will receive is a boat donation tax deduction. Depending on how the charity will use your donation, you can realize either the entire market value of your boat or a portion thereof as your tax deduction boat donation. In addition to making sure that the charity you select is equipped to accommodate the donation of vehicles and boats, you will want to make sure that it qualifies as a 501(c)(3) government entity in order to realize your tax deduction.
Many organizations that do charitable, educational or religious work are designated as 501(c)(3) entities by the government. If you are not sure of the status of the organization, make sure you ask the person there who is in charge of accepting and processing donations. You can also call the Internal Revenue Service Customer Account Services division for Tax Exempt and Government Entities. Before you call, make sure you know the name of the charity or organization. It may also be helpful to have their address. Your call to this Internal Revenue customer service line is always free.