How to Donate a Boat?

Answer 1

Getting rid of an old boat can be fraught with unexpected hassles and costs. In today’s economy, many potential sellers are considering boat donation as an alternative to selling the boat through classified ads.

Selling a boat, especially at the end of a season, can be difficult, time-consuming and far more expensive than it is worth. The boat must be maintained, classified ads can be expensive over time, and storage or marina fees can add to the cost of keeping the boat until it sells. Donating eliminates the hassles and provides a tax deduction that may exceed what the boat could be sold for on the resale Market.

A simple internet search will locate several organizations that handle boat donations. Spend a little time reviewing each organization’s mission statement, its process, and the charities with which it works. Some will take any boat regardless of its condition while others will only take donations of working boats. Some will provide a variety of charities to choose from, while others will specify how the proceeds will be used. Some organizations may even provide “thank-you” gifts in return for the donation.

Consider how much of the actual sale price of the boat will be donated to charity. Some organizations claim to turn over 100% of the sale price, while others will identify how much of the proceeds will be used for administrative costs. A check with the Better Business Bureau can help verify their claims.

Once you’ve chosen an organization, the process is fairly simple. Most offer an online information form and an 800 number, so providing the information is simple. They may ask for a picture of the boat as well. Within a few days, a representative of the organization will be in contact to arrange pick-up. They’ll also provide a receipt for tax purposes.

That’s all there is to it! Boat donation is a simple and cost-effective alternative to selling and you can feel good knowing the proceeds are being used to help any number of worthy charities