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Get your taxes done using TurboTax
Yes, going to a website that buys/sells used cameras to get an instant quote should be acceptable by the IRS. I recommend you print the screen as documentation. It would probably also be best practice to get multiple quotes (2 or 3) and average them together.
Because you took the Section 179 deduction, you do not need to be concerned with the 7-year IRS property life. And if you originally considered the asset 90% business use and 10% personal use, you would multiply the fair market value by 90%.
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‎January 20, 2020
10:40 AM