Taxpayer put a residential property into service during 2024. The rental included some old appliances such as refrigerator, washer/drier, and some furniture. There are no purchase records for these items.
What can be done about getting a depreciation deduction for this property, given the lack of purchase records? Can one make a conservative estimate of the Fair Market Value of the used appliances and use that as the basis? Does the IRS have guidance on this?
