Boat Donations Professionally Managed
Yacht Donation is a Useful and Viable Alternative to Preparing Your Vessel for Sale
A donation to the Pacific Marine Foundation offers significant advantages. While your gift gives you the benefit of an immediate tax savings at 100% of ‘fair market value’, it also creates tangible benefits for our recipient nonprofit organizations.
In most cases, the donor will deduct an amount equal to the full value of their boat once we have finished our work and we list the boat for sale. The sale value is 100% tax deductible regardless of our expenses needed to enhance the value of a donated boat. The IRS considers this “fair market value” as proper and legal within their guidelines for establishing a tax-deductible gift.
In some specific instances, it is appropriate to have the vessel appraised prior to donation by a qualified marine surveyor. In these cases, the donor will deduct the full appraised value. That appraisal must occur within 60 days of the donation date in order to assure the “fair market value” of your gift in her present condition.
Once we have determined your gift is a good fit for our program and have agreed to accept her following an inspection, we will send you a Deed of Gift to complete and return to us with the state title or USCG Document. We then provide you the IRS Form 8283 acknowledging the gift, and this can be used by your surveyor to record an appraised value, if necessary. Once the boat has been sold we’ll send you the IRS Form 1258(c) for your tax filings.
We are a recognized 501(c)(3) organization classified as a public nonprofit. Donors may therefore deduct up to 50% of their adjusted gross income in any one tax year with carry-over in successive years as suits their needs.
We strongly encourage you to seek professional guidance regarding any donation as part of your tax planning.
We ‘restore’ and ‘renovate’ the yachts we do accept. We bring them to a good, safe and sound condition, creating significantly increased value which benefits the donor, as well as our organization. To assure maximum
return on the value of your donation we do not hold auctions, nor sell quickly at wholesale.
Pacific Marine Foundation
1900 W. Nickerson, Suite 116-218