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.
Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.