Paperwork
- Bill of sale: a signed record of the transfer, required for documented vessels and in some states
- Certificate of Documentation: the Coast Guard's record of a documented vessel
- Duplicate title: a replacement for a lost title, issued by the state
- HIN: the 12-character hull identification number on the transom
- Lien: a lender's or yard's legal claim against the boat
- Registration: the state record that lets a boat operate, shown by numbers and decals on the hull
- Title: the state's record of ownership
Tax terms
- Form 1098-C: the IRS form we send you after the sale
- Form 8283: the IRS form you file for noncash gifts over $500
- Gross proceeds: the full sale price before any costs
- Qualified appraisal: an independent valuation required in some cases above $5,000
- Itemizing: claiming deductions on Schedule A instead of the standard deduction
Boat terms
- Haul-out: lifting a boat out of the water
- Jack stands: adjustable supports that hold a boat on land
- Shrink wrap: plastic film heat-sealed over a boat for storage
- Stepped mast: a mast that is standing in place
- Winterized: prepared for freezing temperatures
Donation process terms
- Contemporaneous written acknowledgment: the charity's written receipt for your gift
- Contribution date: the day the charity receives the boat and signed paperwork
- Fair market value: what a willing buyer would pay a willing seller
- Net proceeds: what remains after the costs of moving and selling
Hull and engine terms
- Beam: the boat's width at its widest point
- Draft: how deep the boat sits in the water
- Inboard, outboard, sterndrive: where and how the engine is mounted
- Stringers: the structural beams under the floor
- Transom: the flat back of the boat where outboards mount
Questions
What is the difference between a title and a registration?
A title shows ownership. A registration lets the boat operate on the water. Some states issue both, some only registrations.
What is a documented vessel?
A boat whose ownership is recorded with the U.S. Coast Guard instead of, or in addition to, a state.
What are gross proceeds?
The amount a buyer paid for the boat, before any costs of sale.
What does LOA mean?
Length overall, the boat's full length from bow to stern.
What is a hailing port?
The home port painted on a documented vessel.