subject: Donating a Boat for Charity [print this page] Donating a Boat for Charity
The economy has hurt a lot of people and we all have felt it in some way. If you are trying to sell off your boat, car, truck, or recreational vehicle and notice you are not getting any worthy offers there is a good reason. People cannot afford to buy new things like that and the ones who can afford to purchase it would much rather buy a new one. Let's say you are trying to sell your car off for $3,000 and so far you have not gotten any serious offers. If someone has $3,000 to spend would they want to buy a car from you, or would they rather take that money and use it as a down payment on a newer vehicle? Car dealerships are offering low interest rates and low monthly payments. So that same $3,000 can help someone get a car worth twice as much or even three times as much with small monthly payments. That means you will be selling to people who will offer you much less than you wanted and that is money out of your pocket. There is an alternative that may seem a bit radical but it would actually benefit you in the long run, not to mention make you feel better as a person as well.
People who support charities have noticed a serious advantage to their time, energy, and money. They feel better knowing they have helped other human beings enjoy their lives but that does not mean there isn't a benefit to you as well. If you are unable to get a respectable price for the boat you are trying to sell, rather than take less, sign up for a boat donation. The great thing about a boat donation or even a yacht donation is that you can use it as a tax deduction which would end up saving you more money than you would have gotten if you sold it to someone. If you were to sell a boat for $3,000 even though you wanted twice that amount, you still have to pay taxes on the money you made from the sale. However, if you were to sign up for a yacht donation, you may not have the cash in hand, but you would be able to deduct well more than $3,000 from your taxes and that would have a major impact on your return or how much money you owed next year. Talk to your accountant and with the charity you want to make the donation to for more information. It really is worth it but financially and for more important reasons.
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