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October 17, 2008, Newsletter Issue #126: Marine Surveyors Can Value Boat Donations
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Tip of the Week
The IRS requires that you have a certified appraisal when you donate a boat worth more than $5,000. It is the donor's responsibility, not the charity's, to cover the cost.
To get an appraisal, donors will need to contact a marine surveyor, who will assess the boat's value with an on-board inspection.
The marine surveyor will estimate the fair market value and provide a written report after an on-board inspection of the boat, its equipment and systems.
If you need help finding a marine surveyor, you may want to contact the Society of Accredited Marine Surveyors, an industry group that offers a worldwide listing of members who can conduct apprasials for boat donations.
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