Boat Value?

[oldbuffpilot]

I was hesitant to make this post, but the forum has been pretty quiet so here it is anyway. I have over time donated cedar strip pirogues to organizations that support outdoor youth programs,then at tax time the accountant wants me to put a value on the boat for tax purposes. I usually don’t have a clue about the “value”. This time the organization I’ve donated to ask me to place a dollar amount for the donated boat.
I’ve researched the internet and found some really high priced handbuilt kayaks, but my pirogues aren’t of that class and quality. I would like to use an honest value so here’s the question: what do you think the value of this “Happy Hour Kyak” should be concerning Tax credit?
Wish Kayak Jack was still here, we’d get some activity with this post!

 

[beekeeper]

This is a hard question. Several ways to look at it. The "honest value" adds to the difficulty.
Food for thought:
How much $ in materials and labor? Would you be willing to pay someone this amount?
How much do similar boats (other materials) sell for?
For handcrafted/homemade donated items a safe/honest value can be your material cost doubled to include labor cost. Example: $300 worth of material = $600 boat.
You will probably have way more labor invested, but recovering that much will be difficult. Any losses you might take will come back your way as blessings for doing a good thing. It is a nice boat and should do well for the charity.

A disclaimer; When selling a boat, it is worth what someone is willing to pay. That has little to do with the above thoughts.

 

[oldsparkey]

When asked......My bare bones way of figuring the cost.. I take cost of all the materials which is the base cost. Then the stander pay per hour for the time I spent in making it. I never figure in the cost of any cold beverages consumed ( before , during or after ) while building it. ***
Last when it's all said and done I give the boat to the person which is what I was going to do.
If anything a boat that's made at home should be worth more since it's a custom ( one of a kind ) hand crafted boat.
*** .. Beverages like Ice Cold Tea during the summer.

Chuck.

 

[jdupre']

Beekeepers "twice the price of materials" is pretty close to what I would suggest. My way of figuring price when I sell a boat is what is the least I would take for it after it sits in the yard with a for sale sign on it for a couple months. That is usually a different price than it was on day one. LOL.

 

[beekeeper]

My suggestion on the labor coast was probably on the light side. I work slow and put too much time in my builds. Nobody would pay enough for me to recoup my labor, even at minimum wages.
Charities request a value so they can report your donation and also to know how much to advertise the item. If you list too low people may not think it is worth their bid or investment. If too high they could perceive it as an inaccurate portrayal.
A few years back some custom made cypress pirouges were $100 per foot. This was for sinker cypress and top of the line workmanship. Plain Jane grow back cypress pirogues today are advertised at $500 for a 12' one.

 

[oldbuffpilot]

Thanks for your well-thought-out suggestions on my question Each of you have raised some good points and I appreciate you taking time to answer

 

[ulav8r]

If it were being sold to an individua l, it would be worth more than you could ever get for it. Twice the cost of materials would let you continue building as many as you want but will not leave much for wages though it could keep a retired geezer busy doing something he loves if he can develop/find a market.