IRS 8283 Form - Tangible Asset Equipment Appraisals
Avoid IRS penalties this tax season by attaching a certified equipment appraisal report to your IRS form 8283. According to U.S. Tax code, a certified equipment appraisal report conducted by a qualified appraiser is required for IRS form 8283, for gifts of non-cash property in excess of $5,000. With penalties for donors for substantial and gross valuation misstatements, a certified appraisal report not only ensures adherence to U.S. Tax code, but also the peace of mind of donors.
For instance, a good example of the necessity to furnish IRS form 8283, and along with it a certified equipment appraisal report, would be the gift of a truck, valued at $10,000, by John Doe to ABC company. Since the truck would be considered a non-cash gift according to U.S. Tax code, and the approximate value exceeds $5,000, IRS form 8283, including a certified equipment appraisal report, would be required for inclusion with John Does current tax return.
In addition, similarly to all of our certified equipment appraisal assignments, our qualified equipment appraiser will gather information regarding the piece of equipment or non-cash property, including manufacturer, condition, and other like information to come to a conclusion of value. Depending on the situation, installation costs may also need to be considered, in addition to other factors as deemed relevant by the qualified appraiser.
Equipment Appraisal Services has the necessary qualifications in order to produce a certified equipment appraisal report according to the U.S. Tax code and IRS form 8283 instructions, by holding the Accredited Senior Appraiser designation by the American Society of Appraisers. Please contact us today to learn more about IRS form 8283, non-cash gifts of property, and how to obtain a certified equipment appraisal report from Equipment Appraisal Services.