Yes, a person can donate a boat to a charity in Florida. In the sunshine state, numerous charitable organizations will accept donations of boats.
Why donate a boat to charity?
There are many reasons why a person may wish to donate a boat to a charity of their choosing. Charities often carry out important missions and work and individuals may want to help further their impact. Additionally, individuals may receive financial incentives, including tax deductions for contributing to a 501(c)(3) organization.
Additionally, the process of donating a boat is often easier and more secure than if a person sells it privately.In many instances, a donor will also receive free removal of the boat, facilitating a stress free process.
What steps do I have to take to donate a boat?
To donate a boat to a 501(c)(3) charity in Florida, individuals should first research eligible charities to give their donation. 501(c)(3) non-profit organizations that have tax-exempt status will permit individuals that donate to their cause to to receive tax deductions. A person should research charities that best align with their values and that also accept boat donations. A person seeking to donate a boat should be aware that some charities may have specific requirements or restrictions on accepting boat donations based on the type of boat, its condition, and age. In turn, it is important to assess the boat’s condition, including its mechanical components, hull integrity, and outward appearance.
Second, a potential boat donor should get an appraisal or valuation of the boat prior to donation. A person is able to take a tax deduction for their donation in the amount of the boat’s fair market value. A person should consult with a qualified appraiser or marine surveyor in order to get an appropriate appraisal.
Once a charity agrees to accept your donation, the donor will have to transfer ownership of the boat to the charity. To do so, a person will need to transfer the boat’s title to the new owner and submit this change of ownership to the Florida Department Highway Safety and Motor Vehicles (FLHSMV)
After donating a boat, the donor should obtain a receipt or an acknowledgement letter from the charity. Proof of the donation is important in order to claim a tax deduction. The receipt should detail the boat’s specifics, including its description and date of donation.
If you would like to learn more about donating a boat to a charity, do not hesitate to contact one of our experienced business attorneys at EPGD Business Law.
