Tired of the expense that comes with trying to maintain your boat? Then you might be thinking of getting rid of your old boat as quickly as possible. Unfortunately, trying to find a buyer is something that can take a lot of time and effort. You'll need to take the pictures of the boat you want to sell and place them online, and you'll also need to deal with many people who might just come, take a look at the boat, but simply waste your time.
The good news is that a boat donation could help you to get your unwanted boat out of your hair quickly, while giving you the financial benefit of a tax deduction at the same time. With a boat donation tax deduction, everybody wins.
How to Claim a Boat Donation Tax Deduction
To get a tax deduction resulting from your boat donation, the first thing you'll need to do is make sure that you do some online research and choose a charity like the one found by visiting www.rawhide.org that has been approved and registered by the IRS. After that, you'll simply get in touch with the charity and ask them what their process is for dealing with boat donations.
If your boat is worth more than five thousand dollars, keep in mind that you will need to get it valued by a professional if you want to claim market value on your tax deduction. You should also consider using this step regardless, as it can be a helpful way to make sure that you're getting the full value for your boat.
Proceeding to Make Your Boat Donation
Once you've chosen where you want to donate your boat to, and you've got all the information you need, you can simply hand the boat over and let the charity do the majority of the hard work. Remember that you'll need to make sure that you get a receipt a few days after you have handed over the boat, otherwise you won't be able to claim a tax deduction for that donation at the end of the tax year.
At the same time, make sure that you find out whether the charity will retrieve the boat from you, or whether you will need to deliver it to them.
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