Giving often makes us feel good, so donating a boat to charity in Wisconsin can often be an emotional experience. This is part of the reason why so many people make such gifts impulsively without much planning and forethought. However, if you're planning on donating your boat for a tax write-off when you file your income taxes, it will pay to do a little planning before you make your decision.
Make Sure the Charity Is IRS Approved
Before you make a boat donation, make sure that you carefully pick the charitable organization.. You may have a specific charity in mind that you would like to donate your boat to but it's a good idea to start with a list of several possible charities. Once you have your list, start by checking them against the IRS's exempt organizations list. Approved charities will usually be religious in nature or have a 501(c)(3) status showing that they are not for profit institutions.
Do They Accept Boat Donations?
As the next step in making a boat donation Wisconsin residents should contact each charity directly to see if they are in a position to receive a boat as a donation. For a variety of reasons, some charities will not be able to accept such a donation no matter how much they need the support. In those cases, they will often employ a middleman to handle the storage and sale of the boat. This could drastically reduce the amount of credit you will be allowed to deduct on your taxes or how much money the charity will actually receive.
Find One That Will Use the Boat
When you evaluate the charities remaining on your list, look for those that will prefer to use your boat in the performance of their services as opposed to those who wish to sell it. For boat donations Wisconsin residents are willing to make, this is of major importance because when the boat is used for a period of time before selling, they will be allowed the maximum value to claim as deduction on their taxes.
Learning all the different variables associated with boat donations can be confusing. That's why many choose to donate their boat to an organization like the one found at www.rawhide.org so that they can be sure that everything they do has the potential for the best possible outcome for both.
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