Is donating my yacht to the Benefiting the Boys and Girls Club of America right for me?
Obviously, it depends on your circumstances, but:
Probably if:
Your yacht has been on the market for 3 months or longer
Your yacht is possibly overpriced
Your yacht has been upgraded and you’re hoping to recoup your investment
You have substantial income and can use a tax deduction
Definitely if:
You believe in improving Children’s futures for future generations
You want to walk away from the expense and hassle of owning/selling your yacht
If your yacht has been on the market for awhile, you undoubtedly understand that yachts can take several months to even years to sell depending on their size and condition. Meanwhile, you’re stuck paying dockage, fuel, insurance, interest, maintenance/repairs, crew and administration expenses not to mention lost opportunity costs.
Have you added up your costs and multiplied them times a realistic number of months it may take to get a buyer?
The benefits of donating your yacht to Benefiting the Boys and Girls Club of America are:
Immediate freedom from the expense and headaches of maintaining your yacht
A tax deduction which can translate into significant savings
The satisfaction of knowing your donation will improve Children’s futures
Most yachts do not get better or more valuable with the passage of time. Is it time to take action and move forward?
Disclaimer Legal Notice: None of the information on this website should be construed as legal or financial advice; any owner considering donating their vessel should consult in advance with their tax professional. Not all yachts will be accepted by Benefiting the Boys and Girls Club of America as not all yachts will be a good fit for our programs. Viewers of this website acknowledge that the use of this website does not constitute an attempt by Benefiting the Boys and Girls Club of America to solicit donations in any state where such solicitations are restricted by state statutes.
1
It is the donor’s responsibility to obtain an appraisal from a “qualified appraiser”. www.marinesurvey.org
1
It is the donor’s responsibility to obtain an appraisal from a “qualified appraiser”. www.marinesurvey.org
2
It is recommended that the donor engage a professional tax advisor before making any commitment regarding donation of property to a non-profit organization.
3
The Benefiting The Boys & Girls Club of America will provide documentation to allow the donation to qualify for the appraised value which will include Form 1098-C, Form 8283 and a Contemporaneous Letter of Acceptance.
4
IRS Publication 4303 is a very informative booklet available online at www.irs.gov The web site also has links to all of the forms required by the IRS to properly document any donations for a tax deduction.
5
We will help with any questions you or your tax professional may have regarding your charitable donation to the Benefiting The Boys & Girls Club of America.
Mission Statement
Support and Fund the trusted foundations helping young people, especially those most in need or at risk, build strong character and realize their full potential as responsible citizens and leaders.