With the many changes in tax deductions the past two years, there have been questions as to whether boat donations to New Hampshire Lakes Association is still a viable option for those who wish to do it.
This winter, I had a conversation with Martha Lovejoy, NHLA Director of Development, and it is her understanding that boat donations specifically, will not change. However, because the standard deduction was raised, fewer people will be itemizing, she said. That is where the NHLA (as well as all non-profits), could see a negative impact.
“It is my understanding” she stated, “that boat donors can claim a charitable donation for the amount of the sale of the vessel (or car).” If the value of the vessel is $500 or less, Lovejoy says the thank you letter given to the donor will suffice as a receipt, and the donor can claim $500. If the value is over $500, then the donation service will provide the necessary tax form showing the actual sale price of the donated item.
Research on what motivates donors to “give” rather than “sell,” shows about 80% of donors like the convenience the service provides as most important. According to Lovejoy, the service used by NHLA has gotten great reviews for providing excellent customer service, from those who donated.
Further questions may be directed to her at: (603) 226-0299.
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