Not Using Your Yacht Much? Why Not Consider Donating Your Vessel?

August 11th, 2008 Posted in Bass Fishing Boats

If you are a boat owner, you probably don’t know that you could net more money by donating your vessel than by selling it.

When you add up the tax deductible value of your vessel donation plus all of the money you save by not having to pay any more boat expenses during a protracted sales effort, you could end up with more money than you would in an outright sale.

By donating your boat to Pacific Marine Foundation, your ongoing expenses of ownership, such as moorage, maintenance and fuel, terminate immediately, and there are no more headaches with showing your boat to bargain hunters and "fender kickers".

Pacific Marine Foundation has quickly become a leader in the field of boat donation precisely because of its expertise in understanding and managing the complexities of marine donation. Our paid and volunteer staff includes attorneys, yacht brokers, marine equipment specialists, licensed commercial captains and industry experts with more than 30 years in the business.

When you decide to donate your boat to the Pacific Marine Foundation, you can be assured that your gift will be handled promptly, professionally, with legal integrity and with personal care. We have the proven experience.

A vessel donation to Pacific Marine Foundation offers you significant advantages. While your gift gives you the benefit of an immediate tax savings at 100 percent of appraised value, it also creates tangible benefits for our recipient organizations.

The process of donating your vessel to a publicly supported nonprofit organization creates significant tax advantages for you, because you can deduct up to 100 percent of the appraised value of your gift, depending on your tax situation and the intended use by the nonprofit group. You can then apply this savings on up to 50 percent of your adjusted gross income annually. Any remaining balance not immediately deducted can be carried forward for the next five years.

While you might not have a high taxable income now, but if you expect to have a high income — and high tax bill — in the next five years, you might be a good candidate for donating your vessel! Naturally, you would want to consult your tax adviser.

A gift to Pacific Marine Foundation is a legitimate alternative to what may otherwise be a disappointing return on sale, and you’ll be making a contribution that helps support our youth programs.