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Tax Question: How can you determine fair market value of…

Tax Question:How can you determine...
Tax Question:How can you determine fair market value of personal items lost in hurricane harvey like textbooks and office supplies at a school?
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Answered in 2 minutes by:
3/27/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out.

Outside of getting an appraisal for everything, I would make a list of everything that is lost, then search for them on Amazon and see what the used price is for them. That'll give you a pretty solid estimate on the fair market value of the items that you lost. I would print each out so you have documentation on how you came up with the amount in case of IRS audit.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified
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