Thank you for considering donating your boat! Your generous gift will help provide children and adults with marine educational opportunities.
When a vessel is donated to a 501C3 non-profit organization such as ours, several conditions must be met in order for the donor to deduct the appraised fair market value of the vessel.
A donated boat with a value over $5,000 must be appraised within 60 days of the actual donation. This is usually done by a certified marine surveyor/appraiser. Cost of an appraisal can vary with the type of boat, its location, and size, but generally it will run between $15.00 to $25.00 per foot of boat length.
Donation papers are usually formalized with a Deed of Gift, IRS forms 1098C and 8283. The 8283 document is signed both by the receiving charity and by the appraiser affirming its appraised value. If at any time prior to the three year holding period a boat is sold, then that must be reported on IRS form 8282. A copy of this must also be sent to the donor.
Once a 501(c)(3) organization receives a Deed of Gift for a specific vessel, complete responsibility transfers in its entirety to the receiving charity. All ongoing costs such as yard bills, maintenance, insurance, and transport become the responsibility of the charity.
Links to IRS Website: