The coastline of California goes on for miles, which means there are a lot of boats in this beautiful state. All along the coast, there are thousands of unused boats sitting in Harbors and marinas. Even inland, Lake Tahoe is a popular boating lake in the North, then there is Lake Elsinore in the south. Many people also boat in the Sacramento Delta and the San Francisco Bay.
If you are one of the many California boat owners and are seeking a way to get rid of your boat, a charitable California Boat donation may be right for you. Boat donations are a great means of charitable giving, but the process is not as simple as some people may think. With some planning, research, and the advice of a tax professional advice, you can be on your way to a great way to give back to the community.
The rewards are two-fold. The tax deduction alone, in most situations, is more than what you would get for it than by selling outright. Make sure you do your homework when choosing a charity. To qualify for a deduction, the charity you choose must be an IRS-approved 501(c)(3) organization, like Giving Center. You can check its status through IRS Publication 78. Your California boat donation can be a tremendous blessing for many charities.
Keep in mind, to maximize the donation benefit you can receive, you will want to claim the FMV (fair market value) of your boat. The FMV is determined by an appraisal from a certified marine surveyor. For boats with a value larger than $5,000, an appraisal is mandatory. To claim the FMV of your boat, the IRS requires the vessel to be retained by the charity for “significant intervening use.” This means you will likely want to find out what your chosen charity’s intentions are for the boat before you make the donation.
Here are some quick faqs for a California boat donation:
Do I need a title to donate my boat in California?
Yes, regardless of boat length, you’ll need a title to donate a boat.
Do I need registration to donate my boat?
Yes, you’ll need your registration to donate any kind of powered boat
Do I need a title to donate my boat trailer?
Yes, you need to have a title to donate a boat trailer in California
Do I need my registration to donate a boat trailer?
Yes, you’ll need registration for your boat trailer
I don’t have my title- how do I get a new one for my boat or boat trailer?
Visit https://www.dmv.ca.gov/portal/dmv/detail/boatsinfo/boatreg to find out more information about getting a new title or registration for your boat in California.
Who can I contact about my title and registration?
The Department of Motor Vehicles is the agency where you can get your boat title and registration. You can contact the DMV of California by visiting http://apps.dmv.ca.gov/fo/offices/toc_fo.htm.
