How to Junk a Boat in Chicago
Getting rid of an old boat in Chicago, or anywhere else for that matter, is not as easy as it first sounds. Federal and state rules regulate where boats can be anchored and mooring fees are expensive. Add to this tax, insurance, repair fees, and the current financial climate and you have good reasons to junk your boat.
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Instructions
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Fill out the paperwork. The State of Illinois requires a junking certificate for every boat junked in Chicago. The certificate does not cost anything, however, you will need to fill in two forms, a junk vehicle notification form and a junk vehicle bill of sale.
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Sell to a boat salvage yard. Do not expect a lot of cash, but make sure the boat salvage yard pays for the towing expenses. Depending on the state of your boat and the electronic equipment it contains, you could ask for cash. Many boat salvage yards and marine services companies are located in Chicago.
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Donate the boat to your favorite charity. Get rid of the piece of junk, feel good about yourself and deduct the market value from your taxes. In Chicago, Action Donation Services will pick up your boat. This organization allows you to choose which charity will get your donation, and you may be able to get partial cash payment from the donation of your boat. This legal tax move, called a "bargain sale," allows you to claim the maximum legal tax deduction and get some extra cash in your pocket.
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Sell your boat for scrap. If your boat has a steel and aluminum hull, take it to a scrap yard and sell it for the price of the metal. This green option can earn you some cash, or at least save towing fees. Many Chicago scrap yards offer free pickup services. Shop around for the best prices.
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