Examples on Selling Your Boat versus Donating It!!!
If you are considering
disposing of your yacht or other property, it may be more beneficial to you to
donate it to Maryland Youth Maritime Academy than to go
through the possibly long and costly process of selling it.
Below are two examples of
how your bottom line will be affected in terms of finances and a table to use to
calculate to donation: (note;
** your tax benefits depends on your yearly income)
Example A:
38-foot pleasure craft- appraised value of:
$90,000
1. Selling through
Brokerage
Ask:
$90,000
Selling
price:
$84,000
Commissions:
10.00%
8,400
Moorage (6
months): $ 325/mth
1,950
Cleaning/repairing:
3.50%
2,940
Insurance:
500
Legal/mortgage clearing:
500
Miscellaneous:
500
Total Saved
$14,790
Bottom Line
to You:
$69,210.00
Example A:
38-foot pleasure craft-
appraised value of:
$90,000
1. Donating to MYMA:
Tax Credit
Received:
$90,000
Selling
price:
84,000
Commission fee saved:
10.00%
8,400
Moorage (6
months):
$325.00/mt
1,950
Cleaning/repairing:
3.50%
2,940
Insurance
500
Legal/Mortgage &
Survey
1%
900
Miscellaneous:
500
Sub- Total (expenses)
$900
Tax credit value after expenses
$81,000
Example B:
35' Sail Boat
$35,000.00
1. Selling through
Brokerage
Ask:
$35,000.00
Selling
price: Lost
$3,000 on sale
$32,000.00
Commissions:
10.00%
$3,200.00
Moorage (6 months):
$ 325
$1,950.00
Cleaning/repairing:
3.50%
$1,125.00
Insurance:
$500.00
Legal/mortgage clearing:
$350.00
Miscellaneous:
$500.00
$7,625.00
Bottom Line
to You:
$24,375.00
Example B:35'Sail
Boat
Appraised value of:
$35,000
1. Donating to MYMA:
Tax Credit
Received:
$35,000
Commissions Saved:
10.00%
$3.500
Moorage (6 months):
325./mt
1,950
Cleaning/repairing:
3.50%
1,225
Insurance (No More):
500
Donor pays
Legal/mortgage clear:
1%
350
Miscellaneous:
500
Total Saved
$7,675
Tax Credit value to You:
$34,650
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