You receive a tax deduction equal to the fair market value of the vehicle. The IRS guidelines currently determine that value is equivalent to the gross proceeds from the sale of said vehicle if the sale of said vehicle is greater than $500.
When you donate your boat you will reduce your tax liability which may allow for you to receive money back when you file your taxes. The two guides linked at the bottom of the page that were produced by the IRS may be helpful in understanding the IRS Guidelines.
You can know that you are lending a helping hand to someone else through your donated vessel. We live in a world that is not always kind and many people struggle from day to day just to survive. When you donate your boat you are helping to care for children and families facing very challenging circumstances as they receive help in areas unique to their crisis.
You can free up necessary space and time so you can utilize your resources for other viable things. Boats are a great recreational resource but they are also very costly to own and require a lot of maintenance and upkeep. For some there comes a point that you realize you need to free up space and your time to focus on other important things in your life. When you donate your boat you save money that can be redirected toward other worthwhile endeavors.
You can maximize your donation value and time by deciding to donate early. Often times we pick up boats that have not been used for a few years or by donors who wanted to try and sell it and have become frustrated with that process. Unfortunately the longer a boat sits unused the more the value decreases over time. Donating your boat early gives our agency the greatest potential to maximize its donated value. Sometimes when donors call us they have had their boats listed with a broker who has not been able to sell their vessel, all the while the donor has continued to pay storage and maintenance fees. When you donate to us we assume the responsibility for all fees associated with the vessel moving forward from the date of donation.
Other IRS Forms for Reference
1098-C form (http://www.irs.gov/pub/irs-pdf/f1098c.pdf) the donor receives this form from the charity if the donation value exceeds $500 and it is sold for more than $500. The donor will use this form when they file their tax return and will receive this after the sale of their donated boat by the non-profit.
8283 Form (http://www.irs.gov/pub/irs-pdf/f8283.pdf) the donor receives this form (in addition to the 1098-c) from the charity if the donation value exceeds $5000 and is sold for more than $5000.