IF YOUR BOAT SELLS FOR MORE THAN $500:
The IRS allows you to claim a tax deduction of the amount the boat sold for. Your tax-deductible receipt will be for the boat's full sale price.
IF YOUR BOAT SELLS FOR LESS THAN $500:
You can claim the fair market value of the boat, up to $500. According to the IRS, it is up to you to determine the fair market value of your boat.
Experienced agents evaluate each boat to determine its value and how much we can expect to sell it for.
Depending on the local market, we’ll either sell the boat at auction, to a dealer or a local yard.
We don’t settle for the first price we’re offered. We keep the boat on the market until we’re satisfied we’re getting the highest sale price.
It’s not hard to claim the tax deduction for your boat donation. Here’s what you have to know.”
David Kronglas, Kars4Kids Controller
Kars4kids is a classified 501(c)(3) charity organization. You can check with your tax advisor or accountant to determine the amount of your benefit.The deduction is of value only if the donor itemizes his or her deductions. For a more detailed overview the IRS publishes a Donors Guide to Vehicle Donation.