Thinking Of Donating Your Boat? Read This First!
Individuals tend to donate their beloved boats to charitable organizations for many reasons. Some may want to get out from under the mounting expenses of owning a boat while also gaining a great tax deduction . Maybe, they over-invested and know the market might never repay them, so instead of swallowing a loss, they choose the altruistic route. No matter the reason, a boat donation will give the satisfaction of helping to support a cause they truly care about. A boat donation is a g r eat means for philanthropic giving, however, the process is not as simple as some may think. All boat donations must be done right with careful planning, research, and the excellent advice of a trusted tax professional. It is possible to turn that old boat into a beautiful gift that helps others without giving yourself the headache of a financial disappointment. Be sure to do your homework when choosing a charity. In order to qualify for a charitable tax deduction , the charity that you give your boat