Archives for DEERFIELD BEACH

IRS Charitable Donation

IRS Charitable Donation

So your thinking about donating a significant amount of non-cash items for an IRS charitable donation with a possible Fair Market Value of over $5,000? If the value is over $5,000 its a good idea to have it appraised by a qualified appraiser. And a good place to look for a qualified equipment appraiser is the American Society of Appraisers (ASA). ASA is a world-renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization designating members in all appraisal specialties.

We have a significant amount of experience and are up to speed on the changing rules regarding the appraising of assets for charitable donations.  If certain criteria is met it is possible to appraise the assets without an inspection.  Typically we provide a USPAP compliant appraisal along with photos of the subject property, market data, and the IRS form signed by a qualified appraiser.

Call us today to discuss your Asset Appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

Find an Equipment Appraiser

Find an Equipment Appraiser

When it comes to appraising, there is no room for error. By definition, an appraisal is an objective, impartial and unbiased opinion of defined value completed by a competent, ethical and qualified appraiser. It requires an understanding of the client’s machinery and equipment appraisal problem, an identification of the property type, its value-relevant characteristics, and the proper approach to apply in order to appraise the machinery and equipment according to the purpose. Machinery and equipment appraisal reports must be USPAP compliant, meaningful to the client and intended users, relevant to intended use, and not misleading. When appraisers comply with USPAP, the client and intended users can put their faith in the machinery and equipment appraiser’s opinions, analyses and conclusions and believe in the appraisal.
The best place to look for a qualified equipment appraiser is the American Society of Appraisers (ASA). ASA is a world-renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization designating members in all appraisal specialties. The American Society of Appraisers is a multi-discipline, non-profit, international organization of professional appraisers representing all appraisal disciplines, including appraisal review and management, business valuation, machinery and technical specialties, and real property. Their mission is to foster the public trust of their members and the appraisal profession through compliance with the highest levels of ethical and professional standards. ASA-accredited appraisers are experts.
The meticulous accreditation process ensures that ASA-accredited appraisers are accurate, impartial and credible. They are educated and experienced in their fields and are respected members of their communities. Most importantly, they deliver independent valuations that assure property is properly appraised. Accredited Senior Appraisers must have at least five years of full-time appraisal experience, meet education requirements, pass all Principles of Valuation courses and submit an appraisal experience log and sample report just for membership consideration. For all of these reasons, it is critical to choose your equipment appraiser wisely.

For the complete article (click here)

What is USPAP compliant? (click here for answer).

Mario de la Guardia, ASA
Accredited Senior Appraiser, Machinery & Technical Specialties
ID: 89017 (click here for ASA bio) 

find an equipment appraiser

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

SITE SOURCE: [Joseph Santora, ASA, http://www.appraisers.org/docs/default-source/discipline_mts/choose-your-equipment-appraiser-wisely.pdf?sfvrsn=2]

Tax Donation Appraisal

Tax Donation Appraisal

The 8283 Form must be completed according to the following:
  • Any personal property with a claimed deduction exceeding $500 but less than $5,000, the client must complete Section A of the Form 8283 and attach it to the tax return (this includes donation of household contents exceeding claimed$500)
  • Any personal property with a claimed deduction of $5,000 or more, Section B of IRS Form 8283 must be completed (including “qualified appraiser’s” and donee’s signatures) and attached to the tax return. A qualified appraisal must be prepared for the donated property.
For any donation of personal property with a claimed deduction:
  • Art work(s) with a total claimed value deduction at or exceeding $20,000 must have a complete, signed appraisal by a qualified appraiser attached to the return; and be sure to verify IRS requirements regarding photo documentation,
  • Clothing and household items not in good used condition an valued at or above $500 must have a qualified appraisal attached to the return (otherwise, clothing or household items NOT in good or better used condition may not be claimed;
  • Any personal property with a claimed deduction exceeding $250, must include with the return a written communication from the qualified organization containing the name of the organization, the date of the contribution and the amount of the contribution; and the client must have an acknowledgement stating whether the organization provided any goods or services in exchange for the gift and, if so, a description and a good faith estimate of the value of those goods or services.

For more complete details please (click here)

Appraisals for tax donation purposes should be USPAP compliant (click here for details).

What is a qualified appraiser? (click here).

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

tax donation appraisal

SITE SOURCE: [http://www.appraisers.org/docs/default-source/discipline_pp/irs-requirements-for-appraisals-of-gifts-and-donations.pdf]

Types of Facilities we Appraise

Types of facilities we appraise.

  • Restaurant: A restaurant is a business which prepares and serves food and drinks to customers in exchange for money. Meals are generally served and eaten on the premises, but many restaurants also offer take-out and food delivery services, and some offer only take-out and delivery. Restaurants vary greatly in appearance and offerings, including a wide variety of cuisines and service models ranging from inexpensive fast food restaurants and cafeterias to mid-priced family restaurants, to high-priced luxury establishments. Typicaly restaurants have a good deal of furniture, wall decor, furnishings, fixtures, systems, and restaurant equipment. A restaurant may have a walk-in cooler and/or freezer with remote refrigeration. The kitchen equipment may consist of: exhaust hood, cook line, mixers, kitchen utensils, convection ovens, gas and electric equipment, plumbing fixtures, dish washing equipment.
  • Packing House: A Packing House is a facility where fruits & vegetables are received and processed prior to distribution. Bulk produce is delivered to the plant via trucks, where it is graded, sorted, and packed. Typical equipment found in a packing house may include: receiving bins, dunk tanks (chilled or not), ethylene gas rooms, washers, driers, wax coating equipment, flumes, all types of conveyors, electronic sensing equipment, grading tables, packing tables, packing & packaging equipment, refrigerated rooms, and shelving.
  • Manufacturing Plant: Is an industrial site, usually consisting of buildings and machinery, or more commonly a complex having several buildings, where workers manufacture goods or operate machines processing one product into another.  These plants typically consist of large warehouses or warehouse-like facilities that contain heavy equipment used for assembly line production. Equipment may include: all types of plastic injection and extrusion machines, metal working machines, lathes, computer numerically controlled machines, warehouse shelving, warehouse equipment, office equipment, robotics, automated machines, cranes, conveyors, custom made equipment, maintenance, and machine shops.
  •  Warehouse Facility: A warehouse is a commercial building for storage of goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc. Equipment typically found in a warehouse are: all kinds of shelving, forklifts, lifting equipment, cranes, all types of fans, loading dock equipment, office equipment. Some warehouses are refrigerated or climate controlled.
  • Food Processing Plant: Food processing combines raw food ingredients to produce marketable food products that can be easily prepared and served by the consumer. Food processing typically involves activities such as mincing and macerating, liquefaction, emulsification, and cooking (such as boiling, broiling, frying, or grilling); pickling, pasteurization, and many other kinds of preservation; and canning or other packaging. Food processing plants can be very sophisticated with a significant amount of custom made equipment, automation, and specialized fixtures.
  • Health Facility: Health facilities range from small clinics and doctor’s offices to urgent care centers, ambulatory surgical centers, outpatient centers, and large hospitals with elaborate emergency rooms and trauma centers. Many factors need to be considered when appraising a health facility including HIPAA rules and a good understanding of the types of medical equipment that would be found at each facility including specialized systems and fixtures.
  • Port Facility: Is a location on a coast or shore containing one or more harbors where ships can dock and transfer people or cargo to or from land. Ports have a variety of specialized equipment dedicated to handling freight and containers, equipment may include: container fork lifts, inspection platforms, cranes, mules, container trailers, ramps, etc.
  • Retail Shop: Retail shops occur in a diverse range of types and in many different contexts – from strip shopping centers in residential streets through to large, indoor shopping malls. Shopping streets may restrict traffic to pedestrians only. Typical equipment found in a retail shop may include store fixtures such as gondola shelving, end caps, garment racks, warehouse equipment, all kinds of shelving, point of sale systems, theft deterrent systems, office equipment, and furniture.
  • Service Station: Is a facility that sells fuel and engine lubricants for motor vehicles. Some service stations also include bays for vehicle repair. Many service stations incorporate a convenience store which typically sell candy, soft drinks, snacks and, in some cases, a small selection of grocery items. Typical fixtures and systems include: fuel dispensers, underground pipping, pumps, fuel tanks, fuel related systems, and signs. Equipment is typical of a retail shop and service stations may have vehicle lifts, tire changing equipment, oil dispensing systems, oil tanks, air compressors, and a variety of vehicle related repair tools, etc.

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

SITE SOURCE: [https://en.wikipedia.org/wiki/Uniform_Standards_of_Professional_Appraisal_Practice]

TYPES OF FACILITIES WE APPRAISE

What is USPAP

What is USPAP?What is USPAP

Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for:

  • Real Property
  • Personal Property
  • Intangible Assets
  • Business Valuation
  • Appraisal Analysis
  • Appraisal Reports

USPAP represents the generally accepted and recognized standards of appraisal practice.

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

SITE SOURCE: [https://en.wikipedia.org/wiki/Uniform_Standards_of_Professional_Appraisal_Practice]

Steps of an Equipment Appraisal

Steps of an Equipment Appraisal.

Steps of an Equipment Appraisal

The steps of an equipment appraisal are the following:

  1. Discuss the details of the appraisal.
  2. During the inspection the appraiser will: note the condition, inventory (in some cases measure), and photograph the subject property.
  3. The raw data is sorted by location & accounts (grouping of similar assets).
  4. Appraisal analysis in accordance with USPAP is applied to arrive at conclusion of value.
  5. The appraisal report is then developed in accordance with USPAP.
  6. The appraisal report is then signed by the appraiser and transmitted to the client. In most instances the report is in a .pdf digital format.

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

Steps of an Equipment Appraisal

Preparing for an Equipment Appraisal

Preparing for an Equipment Appraisal.

In preparing for an equipment appraisal, its always helpful if the appraiser can determine the following:

  1. What will the appraisal be used for?Preparing for an Equipment Appraisal
  2. When will the appraisal be needed by?
  3. What type of business or what type of property is to be appraised?
  4. Where is the property to be appraised located?
  5. What is the approximate square footage of the facility?
  6. How many offices, bays, warehouse?
  7. Is there an inventory list available?
  8. Can the possible leased assets be identified?
  9. Who are the contacts and what is their contact information?
  10. Will there be a need to classify assets by accounts and/or by location?

With this information we may be in a good position to offer a formal or informal proposal or quotation.

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

Appraisal of Furniture Fixtures and Equipment

Types of Property we Appraise.

Appraisal of furniture fixtures and equipment such as:

Appraisal of Furniture Fixtures and Equipment

Office Equipment – Computer and Networking Equipment – Restaurant Equipment – Bakery – Retail Store – Warehouse – Service Station – Auto Repair – Machine Shop – Bowling Alley – Construction Equipment – Auto – Vehicle – Boat – Port Equipment – Jet Engine Test Facility – Aviation Equipment – Fair Ground – Refrigeration Equipment – Manufacturing Plant – Food Processing Plant – Packing House – Agriculture Equipment – Fuel Farm – Terrestrial Antenna – Satellite Dish – Billboard – Veterinarian Equipment – Laboratory Equipment – Dental Equipment – Surgical Center – Clinic –Medical Equipment

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com