Has anyone here donated a boat? Any advice? Any recommendations? I am
thinking of donating rather than selling my CD30K for this years tax
purposes. I am in the process of downsizing to a Marshall 18 open cockpit.
http://www.marshallcat.com/images/M18open1.jpg.JPG


--
Mundo, The Captain who is a bully and an ass

Mundo wrote:
Has anyone here donated a boat?

Yep

... Any advice? Any recommendations?

It's a red flag for an audit.
Cash flow wise, it's also not a good substitute for selling even at a
reduced price. If you're in the top tax bracket, you write off the
donation which nets you about 35% from the Feds and whatever from your
state.

"Well that's easy," you say to yourself, "I just donate the boat and
claim it's worth 2.5X what I could actually sell it for (if it were in
totally cherry shape with all the goodies)." Funny thing, the IRS will
expect you to do exactly that and will thwart you (and they're good at
it). One of the rules is that you have to have quite extensive
documentation of the market value of the boat, and if the charity you
donate the boat to sells it, you cannot deduct more than what they
sold it for.... and yes they will check, and yes they will hit you for
the difference plus a penalty.

.... I am
thinking of donating rather than selling my CD30K for this years tax
purposes.

It's a good idea, but our gov't is determined to make it difficult &
expensive.

... I am in the process of downsizing to a Marshall 18 open cockpit.http://www.marshallcat.com/images/M18open1.jpg.JPG


Great boat. You don't like the Sanderling? Are you getting one with an
inboard?

Fresh Breezes- Doug King

On Wed, 28 Nov 2007 21:50:05 -0500, wrote
(in article
):

Mundo wrote:
Has anyone here donated a boat?

Yep

... Any advice? Any recommendations?

It's a red flag for an audit.
Cash flow wise, it's also not a good substitute for selling even at a
reduced price. If you're in the top tax bracket, you write off the
donation which nets you about 35% from the Feds and whatever from your
state.

"Well that's easy," you say to yourself, "I just donate the boat and
claim it's worth 2.5X what I could actually sell it for (if it were in
totally cherry shape with all the goodies)." Funny thing, the IRS will
expect you to do exactly that and will thwart you (and they're good at
it). One of the rules is that you have to have quite extensive
documentation of the market value of the boat, and if the charity you
donate the boat to sells it, you cannot deduct more than what they
sold it for.... and yes they will check, and yes they will hit you for
the difference plus a penalty.

.... I am
thinking of donating rather than selling my CD30K for this years tax
purposes.

It's a good idea, but our gov't is determined to make it difficult &
expensive.

... I am in the process of downsizing to a Marshall 18 open
cockpit.http://www.marshallcat.com/images/M18open1.jpg.JPG


Great boat. You don't like the Sanderling? Are you getting one with an
inboard?

Fresh Breezes- Doug King

Well I'm not worried about an audit.. And I am realistic of the actual value
of the boat. I would though be interested in a charity that has the
experience to get the most bang for the "boat." After all it is a 33 year old
production boat. I expect I could sell it quickly for 16-18k. I just dont
feel like going thru the hassle. Anyone buying this boat would be a pain in
the ass to deal with. Not enough $$ for a newer boat. Nickel and dime the
life out of me etc. How do you think I got it?

The new boat. No inboard and probably no engine period. I was thinking about
a large oar. I used to skull my 27" Herreshoff with ease. This boat is much
lighter. That and I will be trailer sailing a bit as well.

--
Mundo, The Captain who is a bully and an ass

In article ,
Mundo wrote:
Has anyone here donated a boat? Any advice? Any recommendations? I am
thinking of donating rather than selling my CD30K for this years tax
purposes. I am in the process of downsizing to a Marshall 18 open cockpit.
http://www.marshallcat.com/images/M18open1.jpg.JPG


--
Mundo, The Captain who is a bully and an ass


Been on both sides... donated and been on the board of a non-profit that accepted them. The key is that you can't claim the full deduction if the organization doesn't keep the boat for some period of time. (Not an accountant, with whom you should check.)

A few forms to fill out but it's pretty simple.

In article ,
wrote:
Mundo wrote:
Has anyone here donated a boat?

Yep

... Any advice? Any recommendations?

It's a red flag for an audit.

Well, sort of... it's one factor, but certainly not the determing one for an audit.

On Nov 28, 2:47 pm, Mundo wrote:
Has anyone here donated a boat? Any advice? Any recommendations? I am
thinking of donating rather than selling my CD30K for this years tax
purposes. I am in the process of downsizing to a Marshall 18 open cockpit.http://www.marshallcat.com/images/M18open1.jpg.JPG

--
Mundo, The Captain who is a bully and an ass

Do not use Boat Angel. They are a dirty bunch
of sleazy scummy people. I rate them lower than
white whale **** on the bottom of the ocean under
a spring tide.

If you donate pick a good outfit like the Merchant
Marine Academy.

On Thu, 29 Nov 2007 18:41:17 -0500, Bart wrote
(in article
):

On Nov 28, 2:47 pm, Mundo wrote:
Has anyone here donated a boat? Any advice? Any recommendations? I am
thinking of donating rather than selling my CD30K for this years tax
purposes. I am in the process of downsizing to a Marshall 18 open
cockpit.http://www.marshallcat.com/images/M18open1.jpg.JPG

--
Mundo, The Captain who is a bully and an ass

Do not use Boat Angel. They are a dirty bunch
of sleazy scummy people. I rate them lower than
white whale **** on the bottom of the ocean under
a spring tide.

If you donate pick a good outfit like the Merchant
Marine Academy.

Thanks, Actually one of my favorite places is the Maritime Museum in St
Michaels Md. This will probably take place sometime in 08.

I have seen the Boat Angel signs on the hiway here.

Mundo, The Captain who is a bully and an ass

Boy Mundo,

That is one hell of a Main Sail. She looks great Close Hauled. I hope
you can hold going downwind with that inboard rudder without to much
Gibbing to keep it from rounding up.

On Thu, 29 Nov 2007 23:28:20 -0500, Thom Stewart wrote
(in article ):

Boy Mundo,

That is one hell of a Main Sail. She looks great Close Hauled. I hope
you can hold going downwind with that inboard rudder without to much
Gibbing to keep it from rounding up.



Ol' Tom
She is a Cat Boat. Rudder is a barn door hanging off the transom. Sail is
being built with 2 reefs. Never owned a "New" boat before. I will take this
one to the grave.

--
Mundo, The Captain who is a bully and an ass

On Fri, 30 Nov 2007 01:06:04 -0500, blondie wrote
(in article ):

Mundo wrote:

Mundo, The Captain who is a bully and an ass


We have plenty "bullies and asses" in this newsgroup. Are
you related to kadysails or Gaynz?

blondie (thought you were gone) Hmmmmm

I believe this may be my 9th annual return. Newsgroup is a winter sport.

--
Mundo, The Captain who is a bully and an ass