Boat Donation Experts - Pacific Marine Foundation
Tax information regarding
charitable donation of boats and yachts

Due to the continuing decline in federal assistance for nonprofit organizations, generous private support is crucial to meeting our goals. The IRS clearly recognizes and encourages this private support, and they assure our prospective donors that we meet all federal requirements for tax exempt status by their designation of a 501(c)(3) corporation.

The process of donation to a publicly supported nonprofit organization creates significant tax advantages for you, because you can deduct up to 100 percent of the appraised value of your gift, depending on your tax situation and the intended use by the nonprofit group. You can then apply this savings on up to 50 percent of your adjusted gross income annually.

Any remaining balance not immediately deducted can be carried forward for the next five years. In some instances, an IRS approved bargain sale can be negotiated at the time of your donation.

In a bargain sale, you receive a partial cash payment while the remaining value of your gift is 100 percent deductible subject to intended use restrictions. Most often a bargain sale allows the donor to recover current expenses that make a charitable gift economically feasible.

You may read excerpts from the IRS Publication 526: Charitable Contributions. The entire publication is available at the IRS Home Page.

You may also wish to download and read IRS Publication 4303, A Donor's Guide to Vehicle Donations.

When you decide that a donation to our Foundation is appropriate for you, we will assist you through each step of the process.

As always, we are able to work with all legal or financial firms assigned to oversee your assets and taxes.