Categories
sustainability

Maximize the tax benefit of your boat donation

Thinking about donating your boat? Here’s a year end charitable donation caution:

Some charities are advertising that they accept donations of boats. What they don’t say is that to maximize your tax deduction the IRS requires a certified appraisal report by a professional marine surveyor for the donor to take a tax deduction for the full boat value. Without a certified appraisal, the tax deduction is limited to the amount that they get when they sell the boat (in the middle of winter in a depressed wholesale market). This typically reduces the tax benefit of your donation.

Baysave is different. We keep the boat to benefit the local community. It may serve the nonprofit marina or may be converted to develop sustainable aquaculture. The tax deduction amount is based on a potentially higher appraised value. The issue is that these certified boat appraisals are very rare.
We don’t think that there is any charity in our region other than Baysave that has the resources, expertise and know-how to take charge and get the documentation that a taxpayer needs to get their boat donation tax deduction. The details, documentation and timing matter.

If you are considering donating a boat, rely on the CPA leadership of Baysave to help our rural bayshore and lock in a safe tax deduction.

For more information see IRS instructions for Form 8283 at https://www.irs.gov/instructions/i8283

Categories
investment New Jersey sustainability

Wording for 2022 campaigns

Strong messaging is important to the success of any organization. We are working on the messaging for communication programs for 2022.

This is one proposal:

“Rural pristine Money Island on the state’s Delaware Bay west coast hosts a New Jersey Clean Marina, is the #2 most productive seafood landing port in the state, and is a hub of shoreline stability research and investment. Millions are invested in sustainability already with even greater investments planned for a sustainable future ahead.

BaySave hosts educational programs for qualified investors and recreational users who want to get involved in the early stage leadership in this new type of environmentally sound sustainable redevelopment.

Ask us how you can get involved in this exciting story of New Jersey’s ground zero test site for clean energy, living shorelines and regenerative aquaculture!”