Re: To appraise or not to appraise
Posted: Mon Feb 23, 2015 10:56 am
First, let me say, I hate to see you both give up on your boat project. I do applaud you for moving on. It is almost impossible to find a competent boat mechanic unless you live close to a very large body of water. When you do find one they are very expensive. Maybe you guys can set a future goal of moving close to a lake and buying a boat that is ready to go.
The standard tax deduction is $12,400. Most people don't even meet that mark on taxes. If you do not itemize, talking about a tax write off is useless. Let me assume you do itemize. Let's say the boat is auctioned for $7000. The auctioneers get 30% and the charity gets $4900 Your tax deduction is worth about $1000 back on your taxes. I say sell the boat outright and put $5000 in the dream fund. I am not a tax expert, but this will give you something to think about.
If you snoop around a big marina, you will find people that buy old boats to flip for extra cash. Take a weekend trip this spring to a marina near you and see if you can sell your boat. Bring lots of pictures. Put ads on craigslist in the large marina towns. Move on to the next plan for a boat. I hope you both find a great solution.
The standard tax deduction is $12,400. Most people don't even meet that mark on taxes. If you do not itemize, talking about a tax write off is useless. Let me assume you do itemize. Let's say the boat is auctioned for $7000. The auctioneers get 30% and the charity gets $4900 Your tax deduction is worth about $1000 back on your taxes. I say sell the boat outright and put $5000 in the dream fund. I am not a tax expert, but this will give you something to think about.
If you snoop around a big marina, you will find people that buy old boats to flip for extra cash. Take a weekend trip this spring to a marina near you and see if you can sell your boat. Bring lots of pictures. Put ads on craigslist in the large marina towns. Move on to the next plan for a boat. I hope you both find a great solution.