Form 8283 Appraisals

If you donate restaurant equipment to a qualified charitable organization, you may be eligible for a tax deduction based on the fair market value of the equipment. To support your claim for this deduction, you will need to provide documentation of the equipment's value, which may require obtaining a Form 8283 Appraisal.

A Form 8283 appraisal is an appraisal of the fair market value of property donated to charity, which is required by the IRS for certain types of property donations, including donations of property valued at $5,000 or more. The appraisal must be completed by a qualified appraiser who meets the IRS's education and experience requirements, and it must be attached to the taxpayer's tax return for the year in which the donation was made.

In the case of restaurant equipment, the fair market value of the equipment may depend on factors such as its age, condition, and the demand for similar equipment in the local market. A qualified appraiser can help you determine the fair market value of the equipment by conducting a thorough appraisal that takes into account these and other relevant factors. This information can then be used to support your tax deduction claim for the donated equipment.

See a copy of the latest IRS Form 8283 here.