Tip of the Week
When making boat donations, the donors may need to come up with the vessels' fair market value, in order to get a tax deduction.
What is fair market value?
It is the price between a willing seller and willing buyer, with full disclosure of the boat's condition.
Fair market value is not a guess but a calculation.
For help, check pricing guides in your area. Find out what comparable boats in similar condition recently sold for. Then document your research, in case the IRS has questions later.
