Nearing retirement age and with and eye on opening a Photography Business when I did retire I began to ramp up my purchase of Photography Equipment I would use for this business. I also starting taking photographs I posted them to stock photography sites for sales. In 2019 I opened my Photography LLC and would like to now bring all of my equipment into this business. I understand for COST purposes I have to bring it in at what I paid for it or at Fair Market Value (FMV) whichever is lower. I started purchasing this equipment over time starting in 2014. TT does a good job of documenting purchase dates, and how it was used but leaves FMV up to me to input. Some of this might be hard to determine if I can't find the exact/similar products for sale. For example I custom built a computer in 2014 which I still use. When I built it I over built it for the time, but knew it would last. I also have IKEA office furniture which I can't find for sale but can see what it would cost today new. I also have Photography equipment and accessories such as lenses, camera bodies, tripods, lighting, etc. eBAY is hit or miss for most of these exact items so should I just guess on the FMV?
