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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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Scenario Gave to charity (Salvation Army) 3 Vending ...

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Scenario: Gave to charity (Salvation Army) 3 Vending Machines purchased in 2002. Donated 11/2007 as "the business" was unsucessful...Desolved in 2007. I have purchase receipt info (paid $17,987.00 for 3 machines/business). The machines are all unused. Problem: per the IRS Non-Charitable Contributions an appraisal is required to certify Fair Market Value for the deduction(s) and I am aware of that a Form 8283 is also required. How do I handle this as no appraisal was done at the time of the donation? Thank you for your prompt response to my question.
Hello and thank you for using Just Answer. What do think is the appraisal value of the vending machines?
Customer: replied 8 years ago.
Marvin: I paid roughly $3000 for each machine in 2002. I think that the fair market value should be around 1/2 of the that ($1500).
So the machines FMV is $4,500. ($1,500 x 3)?
Customer: replied 8 years ago.
Yes, I would considser that an appropriate total.
Pub 561, Determining the Value of Donated Property, page 8 Appraisals - Appraisals are not necessary for items of property for which you claim a deduction of $5,000 or less. Fill out Form 8283 and claim the FMV of the vending machines. ($4,500)
Customer: replied 8 years ago.
Thank you for your recommendation Marvin, however; I am still a bit puzzled. I am looking at the Form 8283 page 2, Do I just skip Parts I,II, and III and Have the Salvation Army sign part IV? or do I skip page 2 all together? I would have to take this to the Salvation Army for a signature and what about the date. Should I have them sign the same date as the receipt?

You will fill out part I and the charitable organization will fill out part IV. Leave part II, part III blank.

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