Every situation is a little bit different and we address each situation uniquely. The process can take a few days, as in the case when we have a local representative to the boat or a few weeks depending on how quickly we can process the paperwork with the donor and have the boat removed, as in the case when it is processed through the mail.
Family Empowerment Centers is the benefiting non-profit organization. For more information on them click here.
The donation of a vehicle works much the same way as a regular cash contribution on your tax filings. The savings you as the donor will have varies depending on your tax liabilities, gross income, taxes paid during the year, etc… We always suggest that you check with your accountant to determine your personal tax savings and benefit.
Every situation is a little bit different and we address each situation uniquely. Call us at our 888-951-Boat number and we can give you our best estimate on how quickly we can move the boat. Remember when you call Donate Your Boat you are not calling a random operator. You are calling one of our local representatives or the Director of the program.
Once the donation is accepted by Donate Your Boat and we receive the “Acknowledgment of Donation Form” and the transfer of ownership title or registration we assume full responsibility of the boat from that point forward. Unfortunately we cannot assume the liability of past boat expenses that were incurred by you.
Depending on the value of the boat vs. the amount of the lien we can still receive a boat as long as we as the charity will not lose money on the sale of the boat. These situations take special care and may take longer to process.
In these situations we would do what is considered a “Bargain Sale” in which we would handle the donation process the same way. The only difference is we would come to a formal agreement regarding what percentage of the boats value you would want to receive vs. what percentage would be donated. In most cases we can do bargain sales for up to 25% of a boats value. Your 1098-C form would then show the “Sale Price” of the boat as well as any compensation you received for the boat. The donation value then is equal to the “Sale Price” – “Compensation Amount.”