Donating my Cal 29 to Charity - Page 4 - SailNet Community

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  #31  
Old 08-01-2013
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Re: Donating my Cal 29 to Charity

Thanks - I'm actually taking the CPA exam in two weeks so this may come in handy. Individual taxation is heavily tested.
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  #32  
Old 08-01-2013
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Re: Donating my Cal 29 to Charity

I have gotten 2 boats form Charity, take the cash pay for your classes,
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  #33  
Old 08-01-2013
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Re: Donating my Cal 29 to Charity

Donating to the Sea Scouts would be really nice if they intend to add it to their fleet and not sell it. It would get great use. I see the local Sea Scouts go out constantly here.

There is absolutely no way you come out financially ahead by donating the boat. You sure aren't hurting the prospective buyers, there's plenty of boats out there.
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  #34  
Old 08-01-2013
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Re: Donating my Cal 29 to Charity

Well, if you really want to donate your boat, why not contact a local disabled sailing association, such as Footloos Disabled Sailing Association, in Seattle?

If, otoh, you're just wanting to donate it bc you're pissed off at people who do not see the "intrinsic value"? Um, yeah, sure. Cut off your nose to spite your face. That's the ticket. Sure it is.
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  #35  
Old 08-01-2013
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Re: Donating my Cal 29 to Charity

Your boat, your decision.

I think $4-6K is a fair number so you shouldn't be insulted. Sell the Honda for real money and throw the boat up there for $4K without engine.

Just my $.02
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  #36  
Old 08-01-2013
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Re: Donating my Cal 29 to Charity

Quote:
Originally Posted by SV Glossa View Post
Every boat has an intrinsic value that is not tied to changes in the market. I think $8K is a good value when you consider what they're getting.
No offense, but just because you think that, it doesn't make it true. If the boat has been on the market for a while, and you haven't found a buyer, then you are asking too much. The market sets the price, regardless of what you might think.

If you need a tax deduction, fine. Of course, the IRS is going to want you to be able to clearly explain how you determined the boats value. I can guarantee you that "I think $8K is a good value" is absolutely NOT going to satisfy them.

If you don't really need the tax deduction, then you would probably be money ahead to accept the fact that the boat is not worth as much as you think, and negotiate a deal with one of those "lowball" buyers.

Good luck, whatever you do.
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Re: Donating my Cal 29 to Charity

Take the 4k and run!!!!

There is no way to know the actual value of a boat this old. And a boat with a mixed bag of improvements and work needed to be done. Granted the boat gave you and your family a lot of good times but to a objective buyer it is what it is. And what it is, is an old boat.

IMO, you are getting in over your head offering financing. Even at full price, 8k ain't a ton of dough. If someone can't come up with that amount they aren't the kind of people you want to be trusting to make payments. Boating on a shoestring budget usually doesn't work out. That, and what are you going to do if they stop paying you? Sue them long distance? How much time and money is that going to take? And if you do sue them how are you going to defend yourself against claims that you defrauded them by misrepresenting the condition of the boat? Of course it's BS!!! It just gets so deep that even hip waders aren't enought to deal with the mire you are setting yourself up for.

I'd take the 4k and consider the rest of whatever you have into the boat as an investment in family entertainment. IOW, money well spent. Then move on.
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