Boat Donation Review | Pacific Marine Foundation

Boat Donation Review

We’re avid sailors and yachtsmen, so something like this intrigues us, and we think you should know about it, if you’re into boating like we are. Just to make it clear — we’ve worked with Pacific Marine Foundation out of Seattle, Washington, for a number of years now, so we’ve had a ring-side seat in the arena of boat donations.

You’ve probably heard the saying that the happiest moments in a yachtsman’s life are the day he buys his boat… and the day he sells it! We can confirm that first-hand. We can also confirm that some of the most annoying moments come after you decide to sell, but before a sale is completed.

With today’s high fuel prices and ridiculous moorage costs, coupled with the lousy U.S. economy, that period of unpleasantness can end up lasting a long, long time… Just check with any yacht broker, and they’ll tell you that boat sales are WAY down, and the typical sale that once could be accomplished in a matter of weeks is now taking many months, if not years.

Sorry for the reality check, but there’s an interesting alternative. Our friends and clients at Pacific Marine Foundation have a program that can actually help you net more cash by donating your boat than you would in a conventional sale situation. I’m sure that sounds like a bunch of BS, but we’ve actually seen it happen, though you must be sure the transaction is handled through an organization with experience, otherwise you could be hung out to dry, if the tax man should call.

Now, your actual results may vary depending on your personal tax situation, but basically anyone with a high taxable U.S. income now — or if you expect a significant tax liability within five years — you probably can benefit from Pacific Marine’s boat donation program.

If you add up your tax savings — actual dollars NOT paid to the IRS — plus all of the expenses you save from not having to pay ownership costs like moorage, insurance and maintenance during what could be a long selling period, you really could come out ahead.

Take a look at Pacific Marine Foundation’s web site or give them a call to discuss this. They’ve been around for a long time (we’ve worked with them for going on 10 years now), so you can be sure you’re getting reliable information that you can review with your accountant. They can be reached by calling toll-free 1-888-443-8262 or via their web site at www.pacificmarine.org.