On the tax issue for a potential donation, if the boat is donated to a charity (like Boat Angel) who intends to resell it, the tax value of the charitable gift is the amount of money that the charity gets for the boat when they sell it. If they only sell it for $2K-$3K since it is damaged, that is all the deduction you would get: not the full retail value.
Jim _____ From: [email protected] [mailto:[EMAIL PROTECTED] On Behalf Of Stephan Debelle Sent: Sunday, September 28, 2008 11:52 AM To: [email protected] Subject: catalina27-talk: sell or charity donation All, My Catalina 27 was recently hit by another boat which dragged its mooring and occured some damage on the hull/deck joint on the starboard side as well as a the stern pullpit rail. The insurance has agreed to pay for some of the repairs, the fiberglass damage is not structural and can be repaired, the stern rail can most likely be repaired VS replacing with a new one and the genoa track might have to be replaced. although I enjoy the boat a great deal, we do not get to sail as much as we would like to as we have a 20 month old baby which takes up most of our leasure time for now. For that reason I am considering selling the boat as is for around $3000 without repairing it or donating it to charity and use the tax write off which according to a recent survey estimates the value at $7500. Asides from the recent damage, the boat is in overhaull good condition, includes two sails (main and genoa), roller furler, two batteries, newer interior cushions, atomic 4 (runs fine). Has anyone been in the same situation? Any input welcome. Stephan
