Boat Appraisal Guides & Insights

Boat Donation Fair Market Value vs. Sale Price: How the IRS Deduction Works

The IRS generally caps a boat donation deduction at the charity's sale price, not your own valuation, once the claimed value tops $500. This guide breaks down the gross-proceeds rule, the three exceptions that let you claim fair market value instead, and what Form 8283 requires to back it up.