The Donors Tax Benefit

The donor under Federal law may claim a tax deduction for the donation of their boat as follows:

• If claimed value exceeds $500, and it is sold for more than $500, then the deduction is limited to the gross proceeds receieved from its sale.
• If the doanted boat boat is sold for less than $500, then the donor may take a deduction for the lesser of the boat's estimated fair market value or $500.
• If FECC makes a amterial improvement to the boat (or a significant intervening use), then the deduction is available for the boat's fair market value at the time of the donation, so long as the donor can substantiate the value.

• IRS Publication Determining the Value of Your Donation
• IRS Publication Charitable Contributions
• IRS Article on Charitable Donations
• IRS Charitable Donation of Vehicles
• IRS Form 1098-C
  
• IRS Form 8283