Making the right move is necessary when you have decided to go for boat donation. You might have chosen to donate sailboat, sailboat or boat for various reasons. It need not be the intention to help someone always. The good intention can be clubbed with to cut off the ownership expenses, or lack of time to sell the same. At times, a few people understand that the market will not repay them. Whatever the reason may be you get sense of satisfaction that you vessel would help someone, and you can be happy that you get tax deduction too.
When you have decided on boat donation, one of the crucial facts you need to know is that the process is not a cake walk. It involves forecasting, exploring, taking advice from tax professionals. Do not frown at this, for when you do not plan or research, and do not take care of the tax deduction rules, then you can end up with financial disappointment. Fair market value is what you need to claim, if your deduction has to be higher. For this, the charity should sell the boat within 3 years from the date you donated the boat. If the charity sells the yacht or boat for a lower price than the fair price value, then it can be a problem for you.
This is one of the common problems, as the charities sometimes do not need the boats, and sell them as soon as you donate sailboat or boat. Check the track record of the charity, before you can donate the vessels.
No comments:
Post a Comment