Eliminate Your Marine Expenses Now By Making A Tax-deductible Boat Donation

Trying to sell your yacht during these rough economic times and with sky-high fuel prices could take months if not years, and you’re stuck with paying for moorage and maintenance costs until a sale is final.

An increasing popular and beneficial solution is to donate your vessel to a marine charity.

Contrary to popular, donating your yacht does not mean “giving it away” without any benefits to you. In fact, many vessel owners are finding that they can net more bottom line dollars from a vessel donation than they can from an outright sale.

How is this possible?

For starters, if you are paying high moorage costs and other yachting expenses, your first benefit from yacht donation is that those costs stop immediately. You’re not stuck paying bills on a vessel you no longer use, or while you’re trying to sell it.

The greater benefit, though, is that you can deduct up to 100 percent of the appraised value of your boat, 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, and any remaining balance not immediately deducted can be carried forward for the next five years.

That’s important to note: you can deduct the value of your yacht donation for up to five years forward. It doesn’t matter if you can use the deduction now – if you expect to have a significant taxable income anytime in the next five years, a tax-deductible boat donation could come in handy.

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

By donating your vessel 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 yacht donation precisely because of its expertise in understanding and managing the complexities of marine donation. The Foundation’s 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.

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.

Contact Us for a no-obligation consultation at 1-888-GIFT-BOAT (888-443-8262) or visit our web site at PacificMarine.org.

Published by Travel Buff on August 16th, 2008 | Filed under Sailing |