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rdc3245
New Member

If I donate a boat worth $64,000 how much can I write off my taxes in 2016.

 
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SweetieJean
Level 15

If I donate a boat worth $64,000 how much can I write off my taxes in 2016.

Assuming you donated it to an IRS-recognized charity, you can deduct the sale price they get when they sell it, which is likely to be less than $64,000. Also see:

https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deduction...

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2 Replies
SweetieJean
Level 15

If I donate a boat worth $64,000 how much can I write off my taxes in 2016.

Assuming you donated it to an IRS-recognized charity, you can deduct the sale price they get when they sell it, which is likely to be less than $64,000. Also see:

https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deduction...

TaxGuyBill
Level 9

If I donate a boat worth $64,000 how much can I write off my taxes in 2016.

So in most cases, you are better off to SELL the boat, and give the proceeds to the charity of your choice.
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