BOAT DONATION INFORMATION:


One of the most frustrating times of boat ownership is the process of selling the boat. Selling your boat through a yacht broker takes a long time, and you have to pay a sales commission. Your boat has to compete with all the other boats for sale by the yacht broker, who knows very little about your boat, and the true market value.

Selling your boat through an Ad in a publication takes a long time, and you have to deal with every 'tire kicker' that comes along. Using an e-mail address in your Ad exposes you to a large number of potential scam artists.

Donating your boat to the Classic Yacht Foundation is quick and easy. More importantly, you are able to claim 100 percent of the appraised value against annual federal taxes. And, you can apply this tax savings up to 50 percent of your adjusted gross income annually, with a five year carry forward for any remaining balance not immediately deducted.

The donation process is: (1) The Classic Yacht Foundation will determine if your boat is appropriate for the Foundation's needs. If the Classic Yacht Foundation agrees to accept your boat as a donation, (2) you will be required to obtain a qualified appraisal for the boat. The appraisal must occur within sixty days of the donation date to qualify as fair market value. You must have owned the boat you are donating for more than one year, and (3) you then only need to return the Deed of Gift form that we will provide to you. It is that easy.

The Classic Yacht Foundation on selected  yachts can offer 'significant related use' for the charitable contribution. This allows the donor to take a deduction on the 'Cost Basis' or the 'Fair Market Value' of the yacht, whichever is less. A marine surveyor must be hired to establish the value of the gift. We will 'certify the use of the donation' in an acknowledgment letter for use of the yacht in our yacht restoration program.

If the total claimed value of all property contributed exceeds $500, you must submit IRS Form 8283, Non-Cash Charitable Contribution, with your tax return. If the claimed value of one item or group of similar items, other than publicly traded securities, exceeds $5000, you must obtain a qualified appraisal and have Section B of Form 8283 completed by the appraiser and the donee organization. The appraiser must certify that his relationship to the donor and donee is such that a reasonable person would not question his independence as an appraiser. He must also declare that he holds himself out to the public as an appraiser, that he is qualified to make appraisals of the type of property being valued, and that the appraisal fees were not based upon percentage of the appraised property value.