1st Dec 2010
Imagine that you’ve been hospitalized while dealing with a major health crisis. Once you regain your health and are discharged from the hospital, you’d like to show the people who cared for you your appreciation. You decide that the best way to do this is to donate a new piece of equipment to replace the hospital’s outdated one. If you decide to give a large piece of equipment as a gift, the machinery or equipment must be appraised. Every time a piece of equipment or machinery with a value greater than $5,000 is given as a gift or charitable donation, a certified machinery and equipment appraiser (CMEA) must perform an inspection for tax purposes. According to IRS regulations, in the year the gift changes hands, the person who gave the gift is required to include a copy of an appraisal certifying the fair market value of the gifted equipment with his or her tax return.