“Why should I donate my vessel to Challenged America?” This is a question often asked when we or others suggest donating their vessel (or vehicle) to the Challenged America program, of the charitable Disabled Businesspersons Association.
There are two basic reasons why someone will donate their vessel.
1. It makes sound financial sense.
2. They can’t afford or do not want to continue spending money to maintain and keep their vessel, even if its currently listed for sale.
Those who pay taxes each year and/or are in the upper income-tax brackets often will donate their vessel to an IRS-qualified 501(c)3 “user” charity, to maximize their possible return on their vessel investment.
And many professional yacht brokers have discovered that, asking if their client has discussed – with their accountant/CPA, legal counsel or financial advisor — the many financial advantages of donating their vessel, versus trying to sell it on the open market, makes better financial sense.
As one yacht broker who works with Challenged America said:
“In some cases, a customer may be serious about purchasing another, larger vessel, if they can sell their existing boat. And if they donate today, they can not only move up quickly, but probably also get more in financial gain, due to tax savings or even refunds. It’s my professional obligation to help the client market their vessel as quickly as possible, and at the highest possible financial return. And, in some instances, donating to a qualified charity like the DBA’s Challenged America program is the best option, and offers the highest return possible.”
Note: In the above scenario, the client received a 100% tax-deduction of their (donated) vessel’s full appraised price, versus waiting months for the eventual sale of their offered yacht at a drastically reduced price, if donated to Challenged America and the vessel is used in the program.
If you are now thinking of selling or purchasing a new or used vessel, we strongly suggest that you contact one of the following professional yacht brokers, friends and supporters of Challenged America.
Steve Rock, Stephen Rock Brokerage – (619) 857-9297 cell
Don Ross, Heritage Yachts – (949) 274-6595 cell
Paul Daubner, Northrop & Johnson – (619) 228-1942 cell
Barrett Canfield, South Coast Yachts San Diego – (619) 517-4736
Gary Stevens, McKinna Yachts, (949) 673-4879 cell
For the name of a yacht broker, nationwide, who has worked with Challenged America, contact Urban Miyares or Dave Hopkins at Challenged America.
Note: Challenged America is currently seeking (donated) sail and power vessels, especially an offshore race or race-cruiser sailboat, newer or older vintage, able to accommodate a crew of 10 or more for extended periods of time at sea.
TAXABLE AND NONTAXABLE – In 2009, Americans filed 140.5 million individual tax returns. 58% of those returns (81.9 million returns) paid 100% of the federal income tax paid by all taxpayers ($866 billion of tax was paid). 42% of those returns (58.6 million returns) legally paid zero federal income tax (source: IRS).
IRS Publication 526, Charitable Donations (see exemptions: p8, column 2)