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  #31  
Old 03-05-2008
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The owner is PO'd that you wrote "Salvage Only" on the survey... what did he expect. The thing is a power boat with no engines, props, rudders and has a big stinking hole in the bottom and the top leaks... and most of the electrical systems are shot....

At least with a sailboat, you might have a decent rig and some good sails... and if you patched the hole, you could sail it away...this is just a hunk of neglected fiberglass, metal and plastic... and is probably worth less as scrap than it would cost to haul it away.

Quote:
Originally Posted by cardiacpaul View Post
I did a survey this past weekend.
1982 31 ft sea-ray express cruiser, twin 7.4l 454, 330 hp each. 400 hrs on the motors.
He paid 45,000 for it 8 years ago.

The owner has had it for 8 years. it sat in the water for 5 years, on the hard the last 2. Thats 60 months @ 500.00 per month, and 24 months @ 350.00 per month dock and yard fees.

He said the 5kw generator was stolen about 5 yrs ago.

Anyway, heres what it "needs".
2 motors, these haven't been run in 5 yrs (seized),
2 rudders, the ones on the boat are nothing more than rudder posts. 2 props & shafts cutlass bearings and carriers, the ones on the tub are stubs.

All thru hulls, the a/c, ice maker, and fridge all have had the lines chewed thru by rodents. Same thing with most of the electrical circuits.

oh, yea, the little thing... theres a hole in the hull where it sat on one of the wooden blocks. This kind of p.o.'d the owner because "he had it repaired 2 yrs ago".
Uh huh, well sparky it might have been a little better for ya if you'd replaced the leaking hatch like the marina told you to 2 years ago. Yes it was repaired, but the boat filled up with rain water again and the drains were plugged by said rodents. So, theres another gaping hole.

He's also a bit P.O'd that I put "salvage only" for the value.

Oh well.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

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  #32  
Old 03-05-2008
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cardiacpaul is a jewel in the rough cardiacpaul is a jewel in the rough cardiacpaul is a jewel in the rough
what he "expected" was a huge tax-deductible donation to a 501C-3 that he's not going to get.
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  #33  
Old 03-05-2008
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The IRS has been cracking down on tax deductions for donated vehicles... The best you can get is book value...and what is book value on a a holed, powerboat with no engines, rudder, props, leaking hatches and chewed up electrical wiring... NADA is my guess, if it isn't actually a negative number.
Quote:
Originally Posted by cardiacpaul View Post
what he "expected" was a huge tax-deductible donation to a 501C-3 that he's not going to get.
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Telstar 28
New England

You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

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  #34  
Old 03-05-2008
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nobody said there would be any math....

Quote:
Originally Posted by cardiacpaul View Post
I did a survey this past weekend.
1982 31 ft sea-ray express cruiser, twin 7.4l 454, 330 hp each. 400 hrs on the motors.
He paid 45,000 for it 8 years ago.

The owner has had it for 8 years. it sat in the water for 5 years, on the hard the last 2. Thats 60 months @ 500.00 per month, and 24 months @ 350.00 per month dock and yard fees.

He said the 5kw generator was stolen about 5 yrs ago.

Anyway, heres what it "needs".
2 motors, these haven't been run in 5 yrs (seized),
2 rudders, the ones on the boat are nothing more than rudder posts. 2 props & shafts cutlass bearings and carriers, the ones on the tub are stubs. All thru hulls are unrecognisable.

Both trim tabs are covered with various forms of petrified sea-life.

The a/c, ice maker, and fridge all have had most of the lines chewed thru by rodents. Same thing with most of the electrical circuits.

oh, yea, the little thing... theres a hole in the hull where it sat on one of the wooden blocks. This kind of p.o.'d the owner because "he had it repaired 2 yrs ago".

Uh huh, well sparky it might have been a little better for ya if you'd replaced the leaking hatch like the marina told you to 2 years ago. Yes it was repaired, but the boat filled up with rain water again and the drains were plugged by said rodents. So, theres another gaping hole.

He's also a bit P.O'd that I put "salvage only" for the value.

Oh well.

lemme get this straight, after 38k in 'rent', he wants to give away this 'POS' to get a tax deduction... wow, that's special..and lemme guess, you were the "bad guy" for not saying his fiberglass disintegration project was worth 150k...
some people have dollars, but no cents (sic)...
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  #35  
Old 03-05-2008
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Of course, if the boat had been used regularly, the engines would probably be working, it'd probably still have props and rudders, it'd probably have had the hatch leak fixed and the electrical system would probably not be a rats nest, and it wouldn't have a hole through the bottom. And it would have been worth something as a donation to the 501 (C) 3 charity. As it is now, I hope the charity refuses to take it. It'll probably cost them money if they do...and I think it really sucks for this guy to try palming off his wreck on a charity to dispose of it. I am guessing the owner let the insurance lapse on the boat, or he probably would have torched it for the insurance settlement.
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Telstar 28
New England

You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

If you're new to the Sailnet Forums... please read this
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Still—DON'T READ THAT POST AGAIN.

Last edited by sailingdog; 03-05-2008 at 08:29 AM.
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  #36  
Old 03-05-2008
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Simple....

Quote:
Originally Posted by Giulietta View Post
What about people that buy a boat like THIS ===> REALLY PRETTY BOAT

And sailed it twice in 3 years??

And the boat actually goes out because friends use it sometimes.

And this is not sorry ass Alerion thing
Then those people should give that boat to me. I

'll become a 501 3(c) or whatever it is faster than *#$* thru a goose; and they can take the tax write off to charity. This option is open to anyone else with a nice 30 footer or larger they need to unload. I'm very generous that way..

Mike
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  #37  
Old 03-05-2008
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cardiacpaul is a jewel in the rough cardiacpaul is a jewel in the rough cardiacpaul is a jewel in the rough
the charity will "take" the boat.
owner retains title until its sold on ebay, then charity gives a rec't based on sales price only.

The guy isn't p.o.'d at me, just p.o.'d...
the best part for me was now he's in a "hurry" to dump the tub.
An emergency on his part doesn't mean an emergency on my part.
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  #38  
Old 03-05-2008
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sd-
As cpaul says, the valuation now is based entirely and only on what it sold for. The IRS changed the rules and cracked down on abuse bigtime about 5 years ago.
Write this down someplace, or have it graven on the keel timbers: Those tax men may be slow--but they ain't stupid. Eventually they DO catch up with everything, so you'd better have paperwork proving your story, no matter what it is. Or, make Real Damn Sure there's a totally zero paper trail if you don't want them to prove your story. (Which doesn't always help, under US tax law, they're allowed to impute against you, and you have to prove you aren't guilty. Comrade.)

T37c-
" as I got in my truck, I chatted with Frank, " Well there, you see? Your neighbor is going to be helping the ski industry, which in these daysof global warming really needs to make a buck while they still can. By the way--did you ask Frank if he pays referral fees?
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  #39  
Old 03-05-2008
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Quote:
Originally Posted by sailingdog View Post
Of course, if the boat had been used regularly, the engines would probably be working, it'd probably still have props and rudders, it'd probably have had the hatch leak fixed and the electrical system would probably not be a rats nest, and it wouldn't have a hole through the bottom. And it would have been worth something as a donation to the 501 (C) 3 charity. As it is now, I hope the charity refuses to take it. It'll probably cost them money if they do...and I think it really sucks for this guy to try palming off his wreck on a charity to dispose of it. I am guessing the owner let the insurance lapse on the boat, or he probably would have torched it for the insurance settlement.
my 'pilot' friends have always told me an airplane lasts twice as long in the air as on the ground. guess it applies to boats too.
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  #40  
Old 03-05-2008
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Yup, Fully aware of the changes. Believe they took place in 2002 IIRC.
Quote:
Originally Posted by hellosailor View Post
sd-
As cpaul says, the valuation now is based entirely and only on what it sold for. The IRS changed the rules and cracked down on abuse bigtime about 5 years ago.
Write this down someplace, or have it graven on the keel timbers: Those tax men may be slow--but they ain't stupid. Eventually they DO catch up with everything, so you'd better have paperwork proving your story, no matter what it is. Or, make Real Damn Sure there's a totally zero paper trail if you don't want them to prove your story. (Which doesn't always help, under US tax law, they're allowed to impute against you, and you have to prove you aren't guilty. Comrade.)
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Telstar 28
New England

You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

If you're new to the Sailnet Forums... please read this
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