If you'd like to sell your boat right now, there is an alternative approach that could have her gone in the next couple of weeks and still net you what you need out of the deal. We work with a marine foundation that is recognized by the IRS as a “501c3 (user)” non-profit foundation, so donations can be tax deductible. The foundation acquires boats utilizing a “bargain-sale” donation. The foundation offers a sizable amount of cash plus a substantial tax write-off that can be used over a period of six years. By combining the two - cash up front plus legitimate tax write-offs - you could net as much or more for your boat right now as you'd receive if you waited to sell her outright. Best of all, this happens immediately. Your dockage and storage, insurance, maintenance and boat depreciation losses end right now. Your boat is sold and you come out of it an instant winner.
Bargain-sale donations potentially apply to any boat (any size and age), and to any boat owner that pays taxes in the US. For many it's a perfect, profitable, immediate solution, and you don't necessarily have to be in a high tax bracket for it to make sense.
The foundation we work with has been in business for almost 30 years and has had well over 11,000 boat donations during that time. If you'd like to get the details of how and why a “bargain-sale” donation works, and whether it can work for you, call or email me .
Josh Hodgson, President
Phone: (401) 246-2100
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