Posted: 2/8/2005 6:30:41 PM EDT
| How do you figure the worth of things? i.e. used clothes, appliances etc... |
|
After somemore research it looks like just garage sale prices. But there is huge leeway with that. A "shirt" probably wouldn't sale for $5 but I know people claim more than that all the time. i.e. the clinton's claimed $3 for used underwear. Is this ok or will the IRS go after people other than democraps for claims like that? Would $100 for a working dryer and $25 for working lawnmowers be too much? |
| No, those prices should be fine. Fair market value is what they are looking for. Use your best hudgment, and don't forget that with your superb marketing skill, you'd of course get prices toward the higher end of the spectrum. As long as you don't get ridiculous, the IRS won't have a problem with it. IF they even audit you in the first place. |