Thank you for learning more about donating your yacht to Ocean Grants! Your generous gift will increase the funding we can provide to our recommended organizations which will accelerate help for our Ocean. And, your contribution can immediately eliminate your ownership costs and considerably reduce your income tax burden. It’s definitely a win/win!
We make the donation process easy for you, from walking you through the paperwork to picking up the yacht. Here are the steps:
Decide donating your yacht makes sense for you.
Get a qualified appraisal of the yacht’s fair market value from a marine surveyor.
This appraised value will be the amount you can deduct on your federal tax return in the year in which the yacht is donated.
You can deduct up to 60% of your adjusted gross income as a charitable deduction on your federal tax return. If the entire appraised amount cannot be utilized in the year in which the yacht is donated, you may be able to carry forward the balance for 5 years.
Your state may also recognize the charitable contribution of yachts and allow deductions for such donations. Check with your local tax professional as this varies state by state.
We will provide to you a Deed of Gift and IRS forms 1098C and 8283 which will indicate that Ocean Grants will make material improvements/have a significant intervening use for the vessel and will retain ownership for at least 3 years. Ocean Grants will properly log use of the vessel and will fully comply with all IRS guidelines.
When we receive the signed Deed of Gift, ownership of the vessel will transfer to Ocean Grants at which point all responsibility for the vessel and all related expenses (storage, transportation, maintenance, insurance, repairs and brokers fees) transfer to Ocean Grants.
IRS resources regarding donations
When making a charitable contribution, you will need to itemize your deductions on Schedule A of the Form 1040 and attach a 1098-C form which you will receive from Ocean Grants that will be submitted with your tax return.
Ocean Grants is an IRS approved 501(c)(3) organization. Our EIN is #82-2869115. You can verify our status here: IRS Publication 78.
Disclaimer Legal Notice: None of the information on this website should be construed as legal or financial advice; any owner considering donating their vessel should consult in advance with their tax professional. Not all yachts will be accepted by Ocean Grants as not all yachts will be a good fit for our programs. Viewers of this website acknowledge that the use of this website does not constitute an attempt by Ocean Grants to solicit donations in any state where such solicitations are restricted by state statutes.