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May 30, 2008, Newsletter Issue #106: Expect to Itemize Your Boat Donation for the IRS
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Tip of the Week
Donate Car For Charity Tip: When you make a boat donation -- or any vehicle donation -- there is some extra work involved if you want the tax write-off. Most Americans do not itemize deductions when filing their income taxes, but if you make a boat donation and want the tax deduction, you will have to do the paperwork. - You must itemize your boat donation on Schedule A of IRS Form 1040. - If the boat donation is valued at more than $500, you also will need IRS Form 8283 for "Noncash Charitable Contributions." - Fill out this form and attach it to your tax return.
Don't be intimidated by the paperwork. Help is at hand. Often the charities provide easy-to-follow directions on accessing the necessary forms. It's always a good idea to consult with an accountant or seek help from the IRS, which publishes free taxpayer guides. Its Web site is www.irs.gov.
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