This is a piece created for one of our broker mailings. We thought some more information would be appreciated for people wanting to learn more about the Yacht Donation Process. Every case is special and we work our donations on a case-by-case basis. For more information about the AMIkids Yacht Donation Program contact one of our experts.
This is the initial step in the donation process and it’s the donor’s responsibility to have the vessel appraised to determine a basis for their tax deduction. The charity will provide the necessary IRS forms to the donor in order to complete the first portion of the contribution.
Once the appraisal process is complete AMIkids will arrange to have the vessel surveyed. Assuming the vessel checks out during this stage AMIkids will move forward with a closing.
Now that AMIkids has determined the vessel to be an ideal candidate for the program the organization will work with the donor to complete the closing and provide proper documentation such as IRS forms 8283 (non-cash charitable contributions) and form 1098-C (contributions of vehicles, boats, and airplanes to document intentions of the vessel and material improvements). This final step can usually be concluded within 30 days.