You can use the Personal Belongings Replacement Cost Safe Harbor--reduce by 10% for each year owned:
Remember--you need to add "Safe Harbor" to the desription of items so the IRS won't challenge it. |
Or.. Use a depreciation Calcualtor to find the depreciation value for each specific type of item. It will show percentage rates by type of item that you can use with original cost and replacemet value.
If you have replacement value--it can calculate the FMV for each items as well. claimspages.com/tools/depreciation/ Thre is even a PDF with a list of percentages -- click image to open |
You can contact me at maryvitataxes@gmail.com
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Please note: I, Mary Meador, AM NOT a certified accountant or tax law expert. I volunteer with VITA providing free tax preparation for individuals and families whose income is less than $66,000 a year. We deal with simple returns at our sites. I cannot guarantee the accuracy of all the information on this site as tax laws change and I may not have a clear understanding of complicated issues. I am trying to provide basic tax preparation information for our volunteers to get started--remember Publication 4012 is your go-to resource for questions, as well as irs.gov and Publication 17. I hope you find this information useful and easy to understand. Thanks for being a VITA/TCE volunteer!
**I am human, so if you find a mistake, please let me know so I can fix it--we are all in this together** All images from our UWLHG Canva account unless promoting the resource linked to |