Is your Item for sale? Consider donating it instead!
Donations
Donations can be a quicker and less costly solution than attempting to list your item for sale, especially in weak markets or if you are paying for storage fees!
Convert your item(s) into funds directly supporting programs for students, families, veterans, and people with disabilities at The WaterFront Center while being eligible for an itemized charitable tax deduction on your federal tax return.
Donate Your Boat In A Few Easy Steps!
STEP ONE: Call (516) 922-7245 or complete our Online Donation Form to determine eligibility for donation
STEP TWO: Schedule a third-party marine appraiser to determine the value of the vessel
STEP THREE: Schedule a date for our staff to pick up your vessel
STEP FOUR: After your boat has been processed, you will receive a receipt to use when filing your tax return.
Consult with your tax advisor for more information on how to fully deduct your charitable boat donation.
Please disclose any knowledge of past due storage on your vessel or if the condition of the boat (or trailer) prevents it from being transported.
Make a Difference with your Donation
Your boat donation will allow The WaterFront Center to continue offering affordable, and in many cases, free programs to students, families, veterans, and people with disabilities through our wide variety of marine science and sailing programs.
Is Your Boat Eligible For Donation?
Unsure whether your boat is eligible for donation or fits our organization’s needs? Complete the Online Boat Eligibility Form or have a chat with our staff.
info@theWaterFrontCenter.org
(516) 922-SAIL [7245]
Examples of Desired Boats & Equipment
The WaterFront Center is seeking a variety of boat donations for “significant intervening use” in our sailing and marine science programs. This designation makes donors eligible to take the maximum fair market value of the boat and equipment as a deduction when filing their tax returns.
Examples of boats that could fill the needs of our programs include:
Cruising or racing sailboats (i.e. J105) for our youth sailing teams
Day sailors (i.e. Sonar 23 or J24s) for our instructional sailing programs
Small Powerboats (i.e. rigid inflatables, boston whalers, etc.) for use as coach/safety boats
Boats for Sale
Mariner 36 - AMBIANCE = ask for price
Selling Vs Donating: What Are The Advantages?
Save money and don’t let those fees add up! The donation process is easy and completed in a few days. Cutting those insurance, storage, maintenance, and repair costs!
Prevent depreciation! Boats that have been on the market for more than 45 days begin to lose value.
Our experienced staff will handle the title transfer and all the paperwork required to provide you with a receipt record of your charitable donation to use on your tax return.
Don’t Worry About Pick-up and Towing, as long as you have a proper working trailer to safely tow the boat, our staff will arrive to pick up your boat donation at a scheduled time that is convenient for you!
Please disclose any knowledge of past due storage on your vessel or if the condition of the boat (or trailer) prevents it from being transported. Storage yards and marinas often have regulations about the types and conditions of boats which can be stored. On items of significant value, we can also assist the donor with moving and storage costs.
The WaterFront Center is a reputable charity organization that will you can trust to convert your boat into funds that will support our wide variety of education and recreation programs.
You qualify for the maximum tax duction for your contribution when you donate to an IRS Certified 501(c)(3) organization, like The WaterFront Center, that will make “significant intervening use” of the vessel, allowing you to take the full fair market value of the boat and equipment as a deduction when filing your tax returns.
How To Claim My Deduction On My Taxes Return?
An appraisal to determine the fair market value of the vessel must be completed by a third-party marine surveyor/appraiser, within 60 days of the actual donation.
The WFC will file a separate Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes with the IRS and prepare a Form 8283, Noncash Charitable Contributions for signing by both the receiving charity, (The WaterFront Center) and by the affirming appraiser.
If the donee charity, The WaterFront Center, decides to sell your donated boat anytime within a three-year holding period, we will fill out a Form 8282, Donee Information Return (Sale, Exchange or Other Disposition of Donated Property).
You will receive a receipt to use when filing an itemized charitable tax deduction on your federal tax return. The deduction is of value only if the donor itemizes his or her deductions. Consult with your tax advisor for more information on how to fully deduct your charitable boat donation.
Frequently Asked Question (FAQ)
Is my donation Tax Deductible?
An individual donor or a couple filing jointly is allowed to deduct up to 50% of their adjusted gross income as a charitable deduction on their federal tax return in the year in which the boat is donated. This would include the appraised value of a boat.
100% of the fair market value of your donation is tax deductible if The WaterFront Center determines that the vessel can be incorporated into our programing under significant intervening use of or material improvements to circumstances:
The charity makes a significant intervening use of the vehicle, such as using it to deliver meals on wheels.*
The charity makes a material improvement to the vehicle, i.e., major repairs that significantly increase its value and not mere painting or cleaning.*
The WaterFront Center may accept vessels that do not qualify as Significant Intervening Use of, or Material Improvements to, as Held for Sale. In this case the value is determined by the amount we report to you and the Internal Revenue Service that we sold the boat for.
The charity donates or sells the vehicle to a needy individual at a significantly below-market price, if the transfer furthers the charitable purpose of helping a poor person in need of a means of transportation.*
Held for sale donations, often have a lower tax deductible value than donors may think their boat is worth. Consult with your tax advisor for more information on how to fully deduct your charitable boat donation.
* Reference: IRS Guidance Explains Rules for Vehicle Donations https://www.irs.gov/charities-non-profits/charitable-organizations/irs-guidance-explains-rules-for-vehicle-donations
For more information reference Internal Revenue Service Publication 526: Charitable Contributions.
Most states also recognize the charitable contribution of boats, but state to state rules can vary and a tax professional should be consulted with regard to an individual’s specific state guidelines.
What Forms Do I have To Complete?
There are only a few simple forms that you need to complete on order to start processing your boat donation. The WaterFront Staff will guide you through the process and prepare all the necessary documentation and forms and provide you with the correct documentation you need to use when filing your tax return.
DO NOT complete any forms until both parties agree to proceed with the donation.
The forms are:
Noncash Charitable Contributions (IRS Form 8283 Noncash Charitable Contributions and Instructions for Form 8283)
Proof of Ownership – original, up-to-date, transferrable proof of ownership such as a state registration, state title free of liens and/or USCG Certificate of Documentation need to be signed
How is the value of my donated boat or equipment determined?
An appraisal to determine the fair market value of the vessel must be completed by a third-party marine surveyor/appraiser, within 60 days of the actual donation. This avoids guesswork of required which IRS forms are necessary and any potential conflict of interest with an inflated appraisal.
The WaterFront Staff will guide you through the process and prepare all the necessary documentation and forms and provide you with the correct documentation you need to use when filing your tax return.
For a deduction valuation $500 of less, the following documents are required:
The name of the charity
Description of donated vessel and equipment
Statement if goods were received and their value
For a deduction valuation between $500 and $5,000, the following are required:
The name of the charity
Description of donated vessel and equipment
Statement if goods were received and their value
Copy B of Form 1098-C
Form 8453, if you are e-filing
For a deduction valuation $500 of less, the following documents are required:
IRS Form 8283
Form 1098-C or a legal substitute (such as the receipt from the charity)
Written appraisal of the vessel’s value
The appraisal must be completed within 60 days of the donation from a qualified appraiser. Cost of appraisal cannon be deducted as a charitable expense but can be itemized as a miscellaneous expense.
If you need an appraisal, contact The National Association of Marine Surveyors (NAMS) or The Society of Accredited Marine Surveyors (SAMS).
For more information reference Internal Revenue Service Publication 561: Determining the Value of Donated Property.
Are there addition resources about boat donations?
Tax Deductible Donations
Internal Revenue Service Publication 526: Charitable Contributions.
Determining the Value of Donated Property
Internal Revenue Service Publication 561: Determining the Value of Donated Property
Claiming Tax Deduction
Internal Revenue Service Form 8283 Noncash Charitable Contributions and Instructions for Form 8283
We are currently collecting new items, gift certificates, vacation homes, etc. for our upcoming events.
Please email jame@thewaterfrontcenter.org with a short description of who you are and the item you would like to donate.
By supporting The WaterFront Center’s auction you’ll receive:
We will note your name or website along with the item donated online.
Promotion of your products/services, through email communications and social media posts.
A big smile and Thanks from all us at The WaterFront Center!
Thank you in advance for supporting The WaterFront Center!