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