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It takes some work to figure out the fair market value of boat donations. Here are some tips to guide you:
- If the vessel is worth more than $5,000, a certified appraisal will be required.
- IRS Publication 526 offers some advice and it is also is a good idea to check area market guides where boats are offered for sale. These publications may include the BUC, a used boat guide that shows high and low values, depending on condition and equipment.
- The IRS also advises people seeking to donate a boat to consult a marine surveyor, whose job is determining the fair market value of vessels and marine equipment.
|Sheri Ann Richerson|