Frequently Asked Questions
What can I donate?
Is my donation tax deductible?
How is the value of my donated boat or equipment determined?
How will my donation be used?
What is the donation process? What forms are necessary?
What other additional resources are available about boat donations?
What can I donate?
Sailboats, motorboats, equipment (i.e. used sails), kayaks/canoes, dinghies. Click to see examples of recent donations and boat donation guidelines
Is my donation tax deductible?
Yes, 100% of the fair market value of your donation is tax deductible.
For additional information see Internal Revenue Service Publication 526: Charitable Contributions
How is the value of my donated boat or equipment determined?
The value of donated boats and equipment (or groups of similar items such as sails) over $5,000 is determined by a qualified appraiser you select. This avoids research and guesswork for you and eliminates a potential conflict of interest for a charity eager to attract the potential donation with an inflated appraisal. If you need an appraisal for your donation contact The National Association of Marine Surveyors (NAMS) or The Society of Accredited Marine Surveyors (SAMS) for a boat or your local sail loft for valuing donated sails.
For donated vessels that we are not able to make substantive use of or material improvements to, the value is determined by the amount we report to you and the Internal Revenue Service that we sold it for. This eliminates the guesswork and risk of you determining the value of your donation.
We will not accept a boat without telling you what our plans are for it upfront.
For an idea of what your boat may appraise for try BoatU.S. Value Check or compare similar boats in classified ads such as at www.yachtworld.com
For additional information see page five of the Internal Revenue Service Publication 561: Determining the Value of Donated Property
How will my donation be used?
Donations to the Maritime College Waterfront will be used to support a variety of waterfront activities such as learn to sail programs, college and high school sailing and crew teams, and safe powerboat handling courses. When the vessel no longer meets our program needs it is sold to provide the financial support necessary to operate these activities.
Donating a boat can provide significant peace of mind for a boat owner. Tax law changes implemented in 2005 enhance the benefits of individuals donating to reputable charitable organizations such as the State University of New York (SUNY) Maritime College at Fort Schuyler – the first and foremost maritime college in the country. Now the charity is required by law to state up front one of three intended uses of the vessel: Held for Sale; Significant Intervening Use; or, Material Improvement. Here is what this means to you:
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If the boat is “Held for Sale” the donor is entitled to a deduction equal to the actual sale amount – eliminating guesswork
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If the boat will be put to “Significant Intervening Use” or “Materially Improved” the donor is able to claim a tax deduction of 100% of the fair market value as determined by a qualified appraiser they hire and can have up to five years to write it off.
What is the donation process?
Donating your boat and equipment to the Maritime College Waterfront Fund is as easy as 1-2-3:
1. Contact us – Call phone 718-409-7460, e-mail Rob Crafa or complete and return boat donation information form to determine if donating your boat or equipment is right for you and Maritime College's Waterfront. Click to see examples of recent donations and boat donation guidelines.
2. Arrange donation - arrange a surveyor to appraise the value of your boat, complete straightforward paperwork (we provide all necessary paperwork [anchor to forms] and can walk you through process), and let us know when you would like us to pick-up the boat. If you need an appraisal for your donation contact The National Association of Marine Surveyors (NAMS) or The Society of Accredited Marine Surveyors (SAMS) for a boat or your local sail loft for valuing donated sails.
3. Claim Tax Deduction - receive official letter acknowledging tax deductible donation and IRS form to be submitted with your tax return
What forms are necessary to donate a boat?
Maritime College will not provide tax, legal or financial advice but will help you with the straight forward process of completing the only two forms below that are necessary to donate your boat:
- Deed of Gift/Bill of Sale: United States Coast Guard (CG 1340) Form
- Claiming Tax Deduction :Internal Revenue Service Form 8283 Noncash Charitable Contributions and Instructions for Form 8283
What other additional resources are available about boat donations?
Tax Deductible Donations
Internal Revenue Service Publication 526: Charitable Contributions
Internal Revenue Service Publication 4303: A Donor’s Guide to Car Donations (applies equally to boats)
