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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 |
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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 |
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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. |
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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. |
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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. |
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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 |
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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. |
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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 |
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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 |
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"Mundo" wrote in message . net... 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 Is that you? If so, which ugly mug is you? Great little boat. Lots of fun. Be sure to get at least 2 sets of reef points. Also, consider adding a block with a cam cleat (large! so the line runs freely) right over where that horn cleat is above the rudder. You don't have to use it, but it'll be there if you want it. |
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"Mundo" wrote in message
. net... 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 More crap from the databasix losers? Now that'd be funny if they weren't a bunch of criminals and stalkers. -- "j" ganz @@ www.sailnow.com |
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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 |
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Mundo wrote:
Ol' Tom She is a Cat Boat. Rudder is a barn door hanging off the transom. Sail is being built with 2 reefs. And with any luck, you will get a chance to use them! Catboats are a lot of fun to sail, and (imho) part of the fun is they really don't handle like plain-vanilla garden-variety run-of-the-mill mass-produced fin-keel marconi sloops. It's a whole different flavor! Never owned a "New" boat before. The one and only time I ever bought a brand-new boat, we had several issues. But Marshall has a great rep so it should be fine. I will take this one to the grave. Why commit too soon? You can have as many "last boats" as you want. Fresh Breezes- Doug King |
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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 |
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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 |
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"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... |
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Doug,
I learned to sail on a Gaff Rig Cat Boat. It was a work Boat and a great boat for what it did but going downwind was not it good point of sail. We would broad reach and Gybe rather than sail dead down wind and that Gaff Rig wasn't made for Gybbing. She was a center board and a Transom Hung Barn Door Rubber which didn't help downwind performance but it did let you sail it up on the beach to sell the lobsters right from the boat. |
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Mundo,
If you haven't thought of a full "Boom Tent" for that boat, you should. It will keep it dry and cut maintenance way down. It can also be a snug over-nighter That is a nice boat by the way, Good Luck and happy sailing. |
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"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 |
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On Mon, 3 Dec 2007 11:15:08 -0500, Thom Stewart wrote
(in article ): Mundo, If you haven't thought of a full "Boom Tent" for that boat, you should. It will keep it dry and cut maintenance way down. It can also be a snug over-nighter That is a nice boat by the way, Good Luck and happy sailing. Actually I have that on the list. Along with the rig to fold the mast down to the gallows for traveling down the road. Damn you are old. Selling lobsters from a beached catboat? You can't make that **** up..... Well I am only 60 years behind you. I just turned 50......... -- Mundo, The Captain who is a bully and an ass |
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On Mon, 3 Dec 2007 14:15:33 -0500, Scotty wrote
(in article ): "Mundo" wrote in message Actually I have that on the list. Along with the rig to fold the mast down to the gallows for traveling down the road. Damn you are old. Selling lobsters from a beached catboat? You can't make that **** up..... Well I am only 60 years behind you. I just turned 50......... Mid life crisis? Hmmm nah, that was the divorce....... -- Mundo, The Captain who is a bully and an ass |
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"Mundo" wrote in message Actually I have that on the list. Along with the rig to fold the mast down to the gallows for traveling down the road. Damn you are old. Selling lobsters from a beached catboat? You can't make that **** up..... Well I am only 60 years behind you. I just turned 50......... Mid life crisis? |
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"Mundo" wrote in message . net... Damn you are old. Selling lobsters from a beached catboat? You can't make that **** up..... Ole Thom's the only old fart I know of who has a waist size the same as his age? And an IQ in the same range. Wilbur Hubbard |
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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 |
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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 |
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wrote in message
... 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 You don't even want to know what I went through when I was audited about 15 years ago... -- "j" ganz @@ www.sailnow.com |
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Wilbur Hubbard wrote:
"Mundo" wrote in message . net... Damn you are old. Selling lobsters from a beached catboat? You can't make that **** up..... Ole Thom's the only old fart I know of who has a waist size the same as his age? And an IQ in the same range. Wilbur Hubbard Guess he must be pretty smart then, have you seen the size of his waist? Cheers Marty |
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"Martin Baxter" wrote in message ... Wilbur Hubbard wrote: "Mundo" wrote in message . net... Damn you are old. Selling lobsters from a beached catboat? You can't make that **** up..... Ole Thom's the only old fart I know of who has a waist size the same as his age? And an IQ in the same range. Wilbur Hubbard Guess he must be pretty smart then, have you seen the size of his waist? Cheers Marty Haven't seen his waist lately but last time I saw a picture of him, about a year ago now, I couldn't figure out if I was looking at his stomach or the Goodyear blimp. Wilbur Hubbard |
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