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What is a qualified organization?
What is deductible?
Generally, you can deduct the contributions you make to, or for the use of, a qualified organization. If you donate your boat to Handy, Inc., you can deduct its fair market value at the time of the contribution.
Your deduction for charitable contributions is generally limited to 50% of your adjusted gross income. YDS provides this information as a courtesy. It is not meant to replace the advice of your legal and financial advisors. We recommend you consult them before making any donations. We will work with your legal and financial advisers to create a boat donation program ideally suited to your personal financial and tax situation.
What is Fair Market Value?
Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relative facts. The valuation of boats should be based on an appraisal by a marine surveyor because the physical condition is critical to the value.
Why Donate a Boat?
Everyone has their own reasons for donating a boat. One of the most common reason is boating has become very expensive. The time and money spent maintaining a boat, especially the older it is, can quickly drain your bank account. Dock fees, tune-ups, hull repairs, engines, brokerage commissions summer dock fees, the high fuel prices on the water, you know all about it!
Many try to sell a boat themselves or hire a boat broker. Months go by and the realistic offers just never come. More time and money has been wasted on ads and broker fees and now they are responsible for another winter storage and winterizing fee. This cycle can become never-ending and their boats value drops lower every year.
Are there any costs involved in donating my boat?
The only cost involved in donating your boat to Handy Inc. is the fair market appraisal from a qualified marine surveyor. We can assist you in providing a list of surveyors or appraisers in your area, however, to avoid any potential conflict of interest, we do not choose the surveyor or appraiser for you and can not pay for that service. You may be able to use an existing survey or valuation provided it is no more than 60 days old. We work with you in every way possible to make the transaction a smooth and pleasant experience.
The Yacht Donation Process
When HANDY receives your Deed of Gift, all of the responsibilities and costs related to your vessel ownership end.
A donation to HANDY offers you significant advantages. While your gift gives you the benefit of immediate elimination of your ownership costs and a tax savings at 100 percent of appraised value, it also creates tangible benefits for children in Broward County's Child Protection System.