Blog | Year End Tax Tip – Donate Your Boat to Charity!

As the end of the year draws near, yacht owners, who tend to be high-net worth individuals, are often looking for ways to maximize their tax deductions and minimize their tax obligations for the next year.
One way for high-earners to do this is to maximize charitable giving before the end of the year. While many will do this by contributing in various ways to their given philanthropic pursuits, one way that you may not have considered is by donating your boat!
The Value of Giving
Most yacht owners realize the value of giving back. The rewards of charitable giving stretch well beyond a tax planning strategy. Giving to charities of your choice is a way to support your personal values and beliefs, to ensure your legacy, and to give back to the communities that have helped to foster your success.
As successful people, yacht owners also realize that they can often do more for a charity then merely writing a big check, and can maximize the impact of their gifts with “non-cash” donations such as stocks and securities.
But what they may not realize, is that here in Florida in particular, we have the option of boat donation. If you have been thinking about selling your yacht, tender, or other vessel, why not consider donating her to your favorite charity instead? As long as you donate to 501-C-3 non-profit, and they use it for charitable purposes, you can receive the full fair market value of the vessel as a tax deduction, and in most circumstances the charity will even arrange for the pick-up and delivery of the boat.
Tips for Donating a Yacht or Other Boat
Donating a yacht or boat to a charity can be one of those rare “win-win” situations. You can get a huge tax write off, and give the charity the benefit of a very generous donation. However, before you donate such a valuable asset, there are a few tips you should know.
There is no question that the charitable giving of high-net worth individuals does genuine good for our South Florida community. Donating a high-value item such as a motor yacht can provide hundreds of thousands of dollars in support of the good works of charitable organizations right here in Florida.
If you are looking for a truly unique way to give back this holiday season, a donation of a yacht could support a deserving charity for years to come.
Make the Most Out of Your Charitable Giving!
At 26 North Yachts, we are not accountants or financial advisors. This article should be taken as general information. The complexities of donating a motor yacht to charity should not be undertaken without the advice of your financial professionals. However, if you would like to benefit from our experience in this area, or if you have any questions or comments about this blog post, do not hesitate to contact our Sales Specialists, or call us at 954-900-9988.