Consider Donating Your Boat To Teams Together We take seriously our partnership with individuals who come alongside us through their volunteerism and philanthropic gifts. The vehicle donation program has come under scrutiny from the IRS over the past years and limits a donors tax deduction of a vehicle to the sale price of that vehicle by the organization. We make every effort to maximize the donor’s donation by using as many of the boats we get in our day to day operations of delivering food, medicines and supplies to those hit by natural disasters and your boats are used to provide housing to volunteers who are working hard to restore hope to the families who have been devastated by natural disasters. By running this program ourselves it gives us more control thus maximizing the benefit to the donor as well as our organization You receive a tax deduction equal to the fair market value of your boat. Because we use many of the donated boats in our day-to-day operations we are able to maximize your donation well about those charities that just sell your boat for a quick buck and thus costing you thousands or even tens of thousands in your tax deductions. When you donate your boat you will reduce your tax liability which may allow for you to receive money back when you file your taxes. The two guides linked below produced by the IRS may be helpful in understanding the IRS Guidelines. You can know that you are lending a helping hand to someone else through your donated vessel. We live in a world that is not always kind and many people struggle from day to day just to survive. When you donate your boat you are helping to provide hope and needed food, medicines and materials to rebuild the shattered lives of families devastated by natural disasters You can free up necessary space and time so you can utilize your resources for other viable things. Boats are a great recreational resource but they are also very costly to own and require a lot of maintenance and upkeep. For some there comes a point that you realize you need to free up space and your time to focus on other important things in your life. When you donate your boat you save money that can be redirected toward other worthwhile endeavors. You can maximize your donation value and time by deciding to donate early. Often times we pick up boats that have not been used for a few years or by donors who wanted to try to sell it and have become frustrated with that process. Unfortunately the longer a boat sits unused the more the value decreases over time. Donating your boat early gives Teams Together the greatest potential to maximize its donated value. Sometimes when donors call us they have had their boats listed with a broker who has not been able to sell their vessel, all the while the donor has continued to pay storage and maintenance fees. When you donate to us we assume the responsibility for all fees associated with the vessel moving forward from the date of donation. Other IRS Forms for Reference 1098-C form (irs.gov/pub/irs-pdf/f1098c.pdf) the donor receives this form from the charity if the donation value exceeds $500 and it is sold for more than $500. The donor will use this form when they file their tax return and will receive this after the sale of their donated boat by the non-profit. 8283 Form (irs.gov/pub/irs-pdf/f8283.pdf) the donor receives this form (in addition to the 1098-c) from the charity if the donation value exceeds $5000 and is sold for more than $5000. For More information call us at (727) 537-WAVE (9283) or visit our website teamstogether.org
Posted on: Mon, 02 Dec 2013 16:16:30 +0000
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