Join Date: Dec 2000
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Boat donation, bargain sale, tax treatment, etc
After many years and many, many thousands of dollars I am going to give up on my beloved 35' sailboat and, someday, get a daysailor. I understand the tax law has changed and you can no longer deduct the fair market value of your donated boat, just whatever the charity eventually sells the boat for. Does a bargain sale circumvent this problem? What if I donate her to an organization that would fix her up and actually sail her? Can anyone suggest such an organization? I boat is located in East Hampton, NY. Thanks.