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 ,
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.

It's a red flag for an audit.


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

Right. It's not one of the BIG red flags, but it could tip the balance
if the IRS is looking at you.

Who needs that kind of trouble?

DSK

wrote in message
...
It's a red flag for an audit.


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

Right. It's not one of the BIG red flags, but it could tip the balance
if the IRS is looking at you.

Who needs that kind of trouble?

DSK



No one, but that shouldn't deter one from using the available deductions. It
can certainly be a legitimate one, and the IRS will only be interested for
two reasons... one, it's a random audit, which means nothing would prevent
it, or two, there are enough other red flags to trigger an audit, which
means this one isn't the likely make/break.

Jus my opinion, having been there, been audited (no, not when I did the
donation), and didn't get the fcuking tee-shirt.


--
"j" ganz @@
www.sailnow.com

On Sun, 2 Dec 2007 15:18:19 -0500, Capt. JG wrote
(in article ):

wrote in message
...
It's a red flag for an audit.


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

Right. It's not one of the BIG red flags, but it could tip the balance
if the IRS is looking at you.

Who needs that kind of trouble?

DSK



No one, but that shouldn't deter one from using the available deductions. It
can certainly be a legitimate one, and the IRS will only be interested for
two reasons... one, it's a random audit, which means nothing would prevent
it, or two, there are enough other red flags to trigger an audit, which
means this one isn't the likely make/break.

Jus my opinion, having been there, been audited (no, not when I did the
donation), and didn't get the fcuking tee-shirt.




As I said earlier, not worried about an audit. I have been above ground for
the last 20 years or so. I have a paper trail so long it has skid
marks.........

Steve, Thanks for the idea. Will follow up.

Truth is I would like to have an even bigger Cat Boat. I thought about asking
them to build me an open 22. I still might depending on the first few months
of the coming year.

Cat Boat experience? I have a bit. I grew up on Barnegat Bay sailing and
racing these little beasties since I was a kid. Lots of midnight sails and
camping trips as well. My first real cruising experience, when all we took
with us was a hunk of salami and a couple dozen warm Yoo Hoo's. We slept on
the benches of my friends fathers boat under the stars many nights. Much
simpler then and a whole lot more fun than I am having with a bigger boat.
It's time to get back to basics.


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

"Mundo" wrote in message
. net...
Cat Boat experience? I have a bit. I grew up on Barnegat Bay sailing and
racing these little beasties since I was a kid. Lots of midnight sails and
camping trips as well. My first real cruising experience, when all we took
with us was a hunk of salami and a couple dozen warm Yoo Hoo's. We slept
on
the benches of my friends fathers boat under the stars many nights. Much
simpler then and a whole lot more fun than I am having with a bigger boat.
It's time to get back to basics.


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

A warm 'Yoo Hoo' sounds as if it might be interesting...

"Edgar" wrote in message
...

"
A warm 'Yoo Hoo' sounds as if it might be interesting...


Don't get too excited, Ed, it's a drink, tastes like
chocolate water.

http://www.yoo-hoo.com/about/default.aspx


Scotty

Mundo wrote:
Cat Boat experience? I have a bit. I grew up on Barnegat Bay sailing and
racing these little beasties since I was a kid.

Cool. Ever race a Sneakbox? I did a fair amount of that, once upon a
time. Plus my family owned a 22' catboat

... Lots of midnight sails and
camping trips as well. My first real cruising experience, when all we took
with us was a hunk of salami and a couple dozen warm Yoo Hoo's. We slept on
the benches of my friends fathers boat under the stars many nights. Much
simpler then and a whole lot more fun than I am having with a bigger boat.
It's time to get back to basics.


Little boats are more fun. I tell myself that every time I have to
hammer on something down in our engine room!
http://dnkcruising.blogspot.com/

Fresh Breezes- Doug King

Right. It's not one of the BIG red flags, but it could tip the balance
if the IRS is looking at you.

Who needs that kind of trouble?


"Capt. JG" wrote:
No one, but that shouldn't deter one from using the available deductions.

Agreed

But it also behooves one to cross all "T"s and dot all "i"s


It
can certainly be a legitimate one, and the IRS will only be interested for
two reasons... one, it's a random audit, which means nothing would prevent
it, or two, there are enough other red flags to trigger an audit, which
means this one isn't the likely make/break.


Maybe
Depends on the region, depends on your other red flags.

Jus my opinion, having been there, been audited (no, not when I did the
donation), and didn't get the fcuking tee-shirt.


I think we can all agree that the U.S. tax system needs reform. I have
never been audited and don't want to be. Nor do I want to have to
wheedle the IRS into returning my assets after seizure.... they have a
tendency to be quick to grab and slow to give back.

DSK