Page 12 - Mid America Boating - September/October 2023 issue

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SEPTEMBER/OCTOBErR 2023 [ MID-AMERICA BOATING ] 12
MidAmericaBoating.com
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භ ĚũĂĐĞŶƚ ƚŽ ϭϭϳͲ ĐƌĞ >ĂŬĞĨƌŽŶƚ DĞƚƌŽWĂƌŬƐ
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DĞŵďĞƌƐŚŝƉ͗ WůĞĂƐĞ ĐŽŶƚĂĐƚ ƚŚĞ ůƵď KĨĨŝĐĞ Ăƚ ϮϭϲͲϮϴϭͲϲϰϳϬ
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donating your boat this year?
Here’s why doing it now can be a better deal for you
Thinking of donating your boat? If you’re tion for tax purposes, and the write-off may
looking to get a break on next year’s tax bill be taken immediately.
by donating your boat this year, you may not For boats donated but to be sold, the Foun-
want to wait too long. That’s because the dation’s program uses a partner broker to
Internal Revenue Service bases the value of advertise the boat to help realize its highest
the charitable deduction on the actual selling value. The nonprofit also ensures that the
price of the donated boat. Selling now, at peak donation process is hassle-free, from picking
season of demand, could potentially mean a up the boat to handling the paperwork.
greater benefit for the former boat owner. If you have a boat in good or better condi-
“Donating your boat now aligns a charity’s tion that you are considering to donate, go
interests with your own – they get the most to BoatUS.org/Donate/Boat-Donation. Also
value from the donation to run programs or available are helpful IRS links, including the
operations, and more you stand to gain in tax IRS brochure “A Donor’s Guide to Vehicle
benefits in the form of a tax deduction,” said Donation,” IRS Publication 526 “Charitable
BoatUS Foundation for Boating Safety and Donations,” and IRS rules for determining
Clean Water Boat Donation Program manager maximum deductions for charitable contri-
Ted Sensenbrenner. “More boats are sold now butions. Always consult a tax professional
than at any time of year. If you wait to donate regarding boat donations. MAB
in late fall, it is less of a seller’s market. Addi-
tionally, if the boat doesn’t get sold until 2024, The BoatUS Foundation for Boating Safety and
you delay any potential tax benefit.” Clean Water is a national leader promoting safe, clean
The BoatUS Foundation’s Boat Donation and responsible boating. Funded primarily by dona-
Program, unlike other charities that accept tions from the more than 800,000 members of Boat
boats, may offer additional benefits to Owners Association of The United States (BoatUS),
those looking to donate as it actively uses the nonprofit provides innovative educational outreach
some donated boats for training purposes. directly to boaters and anglers with the aim of reduc-
In some cases, donated vessels − typical- ing accidents and fatalities, increasing stewardship of
ly single engine center-console types − are America’s waterways and keeping boating safe for all.
needed for Foundation On-Water Training A range of safe and clean boating courses – including
programs. With these boats, the donor may the nation’s largest free online boating safety course –
use the surveyed value at the time of dona- can be found at BoatUS.org/Courses.
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