WHY DONATE MY BOAT?

Selling a boat can be an expensive and frustrating process.  The market is slow, so boats aren’t moving.  As a result, you are forced to reduce your asking price by 30% to even get inquiries.  These inquiries will include low-ball offers which may be half of your appraisal value.  Or maybe a contract is signed but falls through months later after sea trial or survey because the buyer is asking for unreasonable repairs.  Every month that goes by means $1000’s more in insurance, dockage, maintenance, interest on your boat loan, and then a 10% brokerage commission if you’re lucky enough to close the deal.  Every month your old boat sits on the auction block is another month you postpone buying your new boat, or investing elsewhere.  In an economy like we have now, this can go on for months or years with no end in sight.

Donating a boat to a charitable organization and the associated tax deduction is a viable alternative that any motivated seller should evaluate.  Depending on your particular situation, the financial benefit of a donation may be a strong incentive to go this route.  The donation is instantaneous, stress free, and the terms are guaranteed up front with no ambiguity, eliminating all of the worrisome uncertainty of a prolonged listing or dealing with charities that don’t protect your interests.  AND a donation could reduce your adjusted gross income by up to 50%!