Machinery and equipment appraisals are often required for donation purposes where the estimated value exceeds a certain threshold. In order to have peace of mind that your gift will count as a legitimate tax deduction, an accredited equipment appraisal with a signed certification should be complete for the assets.
For example, a gift of scientific equipment to a university would qualify the donor to receive a deduction from taxable income. According to the U.S. Tax Code and IRS regulations, any donation involving a gift of non-cash property valued in excess of $5,000 must include an equipment appraisal report. This would also require the beneficiary of the donation to file IRS form 8283 along with other tax documents for the year the gift was received, and along with it an accredited equipment appraisal report with signed certification.
Equipment Appraisal Services has the necessary experience and credentials to assemble a qualified equipment appraisal report. Please contact us today for more information regarding donations, and the role of an accredited appraiser in such situations.