IRS fair valuation question

abnerjack

Thanks for the info.  It was a big help.  I was hoping I wouldn’t have to declare the entire sales amount Was it  as profit - hoping for some obscure rule of thumb, or someway to estimate a generic purchase price. 

Unfortunately, I don’t even know the correct years I purchased any of the equipment.  Some were purchased in 1982, or 1993, or 1979, or 1986.  I have no idea anymore.  Luckily, the total revenue might only come to about $2-3,000.  I guess I can pay a little more income tax. 

It is kinda sad though, since I won’t actually be making a profit on any of these items.

Thanks,

Toolbox149

While often we don’t have a good receipt, I feel listing a reasonable and researched cost suffices.  It is only in the incidence of an audit that the paperwork is required.

that is not fraud.  Easy to print the MSRP info for your records.

you will undoubtedly be safe using FMV as your basis and the above posts set forth ways of determining same, eg recent sales.