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IRS fair valuation question

I've searched, but I can't find a thread on what to do if you have older equipment to sell and do not have any receipts.   Some of this equipment dates back to the 70s and 80s, long before I even started to think about IRS tax liabilities 40 years into the future.   I will have to sell some of the equipment (DBX expanders and older cassette players etc.) on eBay because the equipment isn't highly valued by audiophiles.  As I understand, eBay reports sales to the IRS.  

If i don't have receipts is there a procedure to fairly value the equipment so I don't have to declare the entire sales prices as income, to the IRS as profit? 

Thank you for any help.

Toolbox149

toolbox149
fastfreight
1,288 posts
 

Try searching MSRP and the component name.  Usually I can find it this way.

toolbox149 OP
266 posts
 

I can just use the MSRP as the basis for my initial cost?  Seems like the IRS wouldn’t accept that.  That, plus the fact that many of my purchases were of used items.

What will the IRS accept to establish a initial purchase price?  I’m just looking to establish a fair/honest purchase price.  Is there anything I can use in place of an original purchase receipt?

Thanks,

knock1
372 posts
 

@toolbox149 wouldn't contacting IRS be the best way to find it out? Really.

toolbox149 OP
266 posts
 

Hmmmmm,  maybe.  Although the last time I had to contact the IRS I was on hold for over 2 hours.  I was kinda hoping somebody with experience would respond.  It would save a lot of time. Not to mention the IRS doesn't stand behind their advice.

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