Monday, October 31, 2016

Things to Consider When Donating Boats in Wisconsin

Things to Consider When Donating Boats in Wisconsin
Owning a boat is not always easy, so if you own a boat that you're not getting the most use of, you're likely thinking of getting rid of it. Still, selling a boat can also be a complicated task. This is why some boat owners may consider donating boats instead. Not only will you be able to support an organization with a cause you believe in but you will likely be able to get a nice tax write-off that can lower your tax liability as well. Still, there are quite a few things to consider if you plan on making a boat donation in Wisconsin.

Do Your Homework

Because donating boats Wisconsin charities are looking for can be quite tricky, it is important to do your research ahead of time. When donating boats for tax deduction Wisconsin residents must make sure that the organization they choose is approved by the IRS. This means that they must have a 501(c)(3) tax-exempt status. There are several ways to check this but the most reliable way would be to check with the IRS itself.

While religious organizations do not have the required 501(c)(3) they also qualify to receive vehicle donations so your gift to these groups would also be allowable. This means that you could deduct as much as 50% of your AGI on your income taxes.

Make Your Donation

Once you have found an approved charity you should start the process by visiting the charity's website to see if they accept boat donations. You can usually find this out by visiting their FAQ page, which should give you step-by-step instructions on how to make the donation. If the information is not available online, then making a visit to their office or phoning them should give you the answers you need.

While you may be eager to make your gift, it is best that you don't deliver your boat to the charity without consulting with them first. Many organizations are not in the position to receive a donated boat or may have to make special arrangements for the donation to be accepted.

When donating boats to charity Wisconsin residents much check on the many details that need to be considered. Doing your research and following specific guidelines for the charity you choose can assure you that your contribution will be put to good use.

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