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Donating equipment / Professional Appraisal needed

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  • Donating equipment / Professional Appraisal needed

    I have a Rockford Mill, Southbend Lathe, and an assortment of related equipment that I am considering to donate to a local non-profit. I know it isn't worth much, but I would like to see if I could get a legitimate appraisal for tax purposes. Does anyone know an auctioneer or other professional who could provide me with an appraisal? My shop is located near Dubuque, IA.
    If the women don't find ya handsome, they should at least find ya handy

    https://www.facebook.com/WDHSTechClub

  • #2
    Just take the current market value based on comparable machines that sold on ebay or craigslist, etc. Print out copies of those comparable sales so you have a basis if the IRS questions it. You'll be fine as long as you don't try to claim considerably more than what you see them currently selling for. And most importantly, get a receipt from the donation.

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    • #3
      Don't want to sound offensive here .. but most charities like that will just give you a receipt with
      the value blank. You fill in what you think the value is. I would be very generous to yourself.
      John Titor, when are you.

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      • #4
        Originally posted by Mike Amick View Post
        Don't want to sound offensive here .. but most charities like that will just give you a receipt with
        the value blank. You fill in what you think the value is. I would be very generous to yourself.
        You don't care about value on a receipt. You want a receipt stating that you donated A, B, and C to XYZ on Month/Day/Year. This is what the IRS is going to want to see if they have any questions about the donation. The amount you declare the donation is worth on your tax return should be reasonable as you'll have to back that amount up with some type of documentation if questioned. For that, just print out existing comparable items that sold. As long as you show you tried to estimate their value based on the market and not your own personal valuation and you'll be in the clear with regards to any IRS inquires.

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        • #5
          You are a grain of sand to the IRS when it comes to this size of donation and pricing it out, unless you are well off and make lots of cash your fine by the suggestions above.
          Is the nonprofit interested in the equipment? that might change things if it's hard for them to use or resell them. Also the TAX change just passed may make it not worth your time to move and deliver if you don't get it done in the next 2 days or 2017 tax year. I would check this out.

          TX
          Mr fixit for the family
          Chris

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          • #6
            Actually Adrian, my best friend does this all the time. He takes things to the VA thrift shops and Habitat
            etc .. If he takes in a tv and a radio, they send him home with a receipt that says "electronics". They
            would prob just say "equipment" for the lathe. You know that big expensive lathe your dad left you.
            John Titor, when are you.

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            • #7
              The IRS doesn't want the recipient to provide a value - that's up to you. For items over $500 (as of a few years ago), a professional appraisal was required.

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              • #8
                I have a rule, I don't do anything wrong or "on the edge" to any government agency that have letters instead of names, IRS, ATF, FBI, CIA, FAA, DEA etc. If it goes by letters I want no problems with them.
                "Let me recommend the best medicine in the
                world: a long journey, at a mild season, through a pleasant
                country, in easy stages."
                ~ James Madison

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