October 10, 2008, Newsletter Issue #125: Check IRS Rules Before Making Boat Donation
Tip of the Week
If you donate a boat to charity and claim a deduction greater than $500, you need to follow new tax rules. Here are some basic guidelines to follow:
- Most likely, the boat donations will be sold by the charity for the proceeds. Often the boats are sold by large auction houses for less than fair market value.
- The amount the charity gets is how much you claim as your tax deduction.
- The charity must send you an acknowledgement of the sale and the price it got for the boat donation. You will need to attach this acknowledgement to your tax forms when claiming a tax deduction.
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