Fair price...donating my Shapeoko2 to the local Makerspace

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bharbour
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Fair price...donating my Shapeoko2 to the local Makerspace

Post by bharbour » Wed Jun 01, 2016 12:37 pm

...I'm dontating my 1mX1m SO2 to the local Makerspace to make room for assembling my new DIY CNC machine. Since I'm donating it, I'd like to have a fair price on it so that I can apply that to my income tax. The machine is in great shape with the stock NEMA17 motors. I'll be donating a Dewalt DW660 with it, but I'm keeping all the electronics for now to test the new machine. I'll give the gshield drivers to the makerspace as soon as my new drivers come in.

So...what's a fair price for the machine, the DW660, and gshield to apply to my income tax?

Tnx,
No longer have a Shapeoko, but use a machine of my own design...
https://www.youtube.com/watch?v=gFY4gC9TqD0
http://deltaguitarworks.tumblr.com

WillAdams
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Re: Fair price...donating my Shapeoko2 to the local Makerspa

Post by WillAdams » Wed Jun 01, 2016 3:10 pm

I'd price out the equivalent machine over on the Inventables site, halve it, then consider that the value for a used machine --- arguably fair market value would be somewhere between 60--80%, but that'd be a nuisance to prove, and might subject you to price / value fluctuations @ Inventables --- alternately, find an equivalent machine which has been listed for sale and sold, and use a slight discount off that for the value.

The IRS has a publication for this: https://www.irs.gov/publications/p561/ar02.html
Shapeoko 3XL #0006 w/ Carbide Compact Router w/0.125″ and ¼″ Carbide 3D precision collets

lxkhn
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Re: Fair price...donating my Shapeoko2 to the local Makerspa

Post by lxkhn » Wed Jun 01, 2016 5:07 pm

No wiki section for this one Will? Your right though best to have solid info to back up your claim if you have to later.

bharbour
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Re: Fair price...donating my Shapeoko2 to the local Makerspa

Post by bharbour » Wed Jun 01, 2016 7:26 pm

Thanks...with the spindle I'm thinking around $400-$500 would do it...maybe $450.
No longer have a Shapeoko, but use a machine of my own design...
https://www.youtube.com/watch?v=gFY4gC9TqD0
http://deltaguitarworks.tumblr.com

DRobs86
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Re: Fair price...donating my Shapeoko2 to the local Makerspa

Post by DRobs86 » Wed Jun 01, 2016 7:30 pm

I doubt your Makerspace is a 501c3 organization. If it is not, there is a good chance the donation is not legitamately deductible anyway.

Check other sources. I am an accountant, but I work very far afield from federal taxation.

bharbour
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Re: Fair price...donating my Shapeoko2 to the local Makerspa

Post by bharbour » Thu Jun 02, 2016 2:47 pm

You may be right...I do know about 501c3 organizations as I was an officer in a non-profit club. They tell me they do have non-profit status through another sponsoring organization. I'll find out who that is. If it's not legal, I won't claim it but wills still donate the SO2. It'll do good work for the Makerspace.
DRobs86 wrote:I doubt your Makerspace is a 501c3 organization. If it is not, there is a good chance the donation is not legitamately deductible anyway.

Check other sources. I am an accountant, but I work very far afield from federal taxation.
No longer have a Shapeoko, but use a machine of my own design...
https://www.youtube.com/watch?v=gFY4gC9TqD0
http://deltaguitarworks.tumblr.com

bharbour
Posts: 413
Joined: Wed Aug 06, 2014 3:40 pm
Location: Mobile, AL
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Re: Fair price...donating my Shapeoko2 to the local Makerspa

Post by bharbour » Thu Jun 02, 2016 2:50 pm

Saying good by to my old friend the the SO2 tonight. The folks from the Makerspace are coming to pick it up this afternoon. I learned a whole hell of a lot because of it and it got me into another very fun and satisfying aspect of technology.

I won't be a stranger to this forum though I'm no longer in the Shapeoko business.
No longer have a Shapeoko, but use a machine of my own design...
https://www.youtube.com/watch?v=gFY4gC9TqD0
http://deltaguitarworks.tumblr.com

WillAdams
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Re: Fair price...donating my Shapeoko2 to the local Makerspa

Post by WillAdams » Thu Jun 02, 2016 3:12 pm

It'll be a good thing --- please tell the new owners and users to drop by --- looking forward to seeing what they make w/ it.

A dusty, unused tool, which ought to be doing good work is a sad thing.
Shapeoko 3XL #0006 w/ Carbide Compact Router w/0.125″ and ¼″ Carbide 3D precision collets

bharbour
Posts: 413
Joined: Wed Aug 06, 2014 3:40 pm
Location: Mobile, AL
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Re: Fair price...donating my Shapeoko2 to the local Makerspa

Post by bharbour » Thu Jun 02, 2016 4:12 pm

Will...they have a stock SO2 already and they're excited to get the larger machine. I'm excited to see it go to a good home! I'll be sure and point them to this forum.
WillAdams wrote:It'll be a good thing --- please tell the new owners and users to drop by --- looking forward to seeing what they make w/ it.

A dusty, unused tool, which ought to be doing good work is a sad thing.
No longer have a Shapeoko, but use a machine of my own design...
https://www.youtube.com/watch?v=gFY4gC9TqD0
http://deltaguitarworks.tumblr.com

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