Should You Donate Boat To Charity?

Some people have a boat because it is a fun thing to own and it enables you to spend hours with the family on the lake, fishing, sunbathing, and generally having a good time. There may come a time, however, when you don't really want the boat anymore, or that you don't have a use for it. The question then becomes whether you should donate boat to charity or whether you should sell it and try to make a profit.

The Pros and Cons of Selling a Boat

The biggest advantage of selling your boat is that you will receive quite a significant sum of money from it to do with as you please. It also means that you no longer have to pay for the storage, maintenance, upkeep, and insurance on the boat, but then you wouldn't have to pay for those anymore if you donate it either. The disadvantages of selling are quite numerous, by contrast. There is the hassle that you will have to go through in order to advertise your boat, show it to others, and listen to unbelievably low and unfair offers. Not just that, but there are also some restrictions with boat sales in terms of which waters they have been on due to environmental contamination potential. While you are going through all of that, you will continue to have to pay the usual expenses that come with owning a boat, no matter how long it takes.

The Pros and Cons of Donate Boat Procedures

The biggest disadvantage of donating a boat is that you do not end up with cash in your hands. However, so long as your charity is 501(c)3 registered, you can deduct the value of your donation from your taxable income tax at the end of the year and reduce your tax. In terms of the advantages, a good charity like Rawhide who has set the standard in terms of how the process should work, has made everything incredibly easy for you. You simply contact them to tell them you have a donation to make, they pick it up, they sell it, and they send you the tax receipt. It is quite easy and convenient. Add to that the fact that when you donate boat, you will be helping other people, which is a priceless thing to do, no matter what the donation may be.