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- Scurvy Dog
- Posts: 20
- Joined: July 26th, 2015, 11:03 pm
- Vessel Info: 1995 Carver 390 CPMY
- Has thanked: 5 times
- Been thanked: 3 times
Here's an odd question for you: some friends asked if we'd be willing to host an afternoon cruise on our Carver 390 CPMY as an auction item for a local choral groups fundraiser auction. They mentioned that I could write off the value of the excursion as a charitable deduction.
I'm intrigued, but I'm not sure what value to put on it. Obviously there's the estimated fuel burn, but I'm sure I could (and should) factor in an amount for wear & tear, cleaning of the boat, etc.
Has anyone done something like this, and if so, what tax value did you put on it (and were you audited?)?
- CYO Moderator
- Posts: 2076
- Joined: February 5th, 2013, 9:24 pm
- Vessel Info: 1987 3697 Carver Mariner
1988 Cougar 46 Kevlar Vee offshore
1969 15' Glaspar / 1969 Johnson Electrmatic 85
1964 Barron Flat bottom drag boat
A couple of dinghies
- Location: Saint Joseph and Trenton, MI
- Has thanked: 42 times
- Been thanked: 321 times
Be careful with this.
I also wonder how that works out when the passenger paid for the trip. Is that the same as a charter even though you are not paid? Do you have a license?
Sorry for a cynical response.
1964 Barron Flatbottom with BBC Chevy
1969 Glaspar Avalon /1969 Johnson Electromatic 85
1987 Carver Mariner
1988 Cougar Kevlar 46' with triple blown 572s
Past - 1988 2807, 1989 4207 Aft
- Deck Hand
- Posts: 84
- Joined: September 21st, 2014, 9:55 am
- Vessel Info: 'After Taxes'
2004 Carver Mariner 360
Lake Simcoe & Georgian Bay,
- Location: Lake Simcoe Marina
- Has thanked: 6 times
- Been thanked: 17 times
As for charity, you can only deduct the amount that is on an official donation receipt from a registered charity. The Feds are unlikely to accept a dollar number that you make up.
I'm currently in the income tax business.
That said, the idea is horrendous in terms of liability to you personally and may invalidate your standard personal-use watercraft insurance policy.
MerCruiser MX 6.2
Lake Simcoe, Ontario
- Posts: 421
- Joined: May 14th, 2014, 6:32 am
- Vessel Info: 2001 350 Mariner
- Location: Beacon Bay Penetanguishine Ontario
- Has thanked: 52 times
- Been thanked: 64 times
- CYO Supporter
- Posts: 1964
- Joined: March 28th, 2016, 10:52 pm
- Vessel Info: 1998 Carver 355
Suspicious Fishes !
1990 Proline 17CC
2018 Regal 1900ESX
- Location: upper chesapeake bay
- Has thanked: 226 times
- Been thanked: 480 times
As the others have noted, insurance will also be an issue. If you read the fine print on your policy, I am certain you are not covered as charter of for hire vessel, or you would not be asking this question. As such, if anything were to happen your insurance company would not be liable, leaving you and your personal assets to foot the bill.
Unforunately, it not always the best idea to be the nice guy.
- Posts: 657
- Joined: July 29th, 2013, 11:35 pm
- Vessel Info: 2000 Carver 506
- Location: Georgian Bay
- Has thanked: 124 times
- Been thanked: 134 times
Without anything going wrong, you could be in a world of hurt from enforcement officers without being properly licensed.
2000 Carver 506
Queens Cove Marina
Georgian Bay, Ontario
- Scurvy Dog
- Posts: 3
- Joined: April 6th, 2016, 6:31 pm
- Vessel Info: Currently looking for a boat
- Location: California
Just to make sure, ask your insurance and local Coast Guard office.
For sure, no tax deduction.
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