Frequently Asked Questions
What can I donate?
Sailboats, motorboats, equipment (radios, EPIRB, lifesaving equipment), dinghies.
Is my donation tax deductible?
Yes, 100% of the fair market value of your donation is tax deductible.
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 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.
How will my donation be used?
Donations to the TAMUG 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. 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:
If the boat is “Held for Sale” the donor is entitled to a deduction equal to the actual sale amount – eliminating guesswork
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 TAMUG waterfront is easyContact us – Call phone 409-740-4477, e-mail Allan Post or follow these GIFT IN KIND PROCEDURES.