You need to make an educated guess. Have documents supporting how you came up with the value.
The IRS is trying to stop a person from taking a personal item of little or no value, and falsely claiming a loss on it.
For example and old car that cost 35,000 but is now worth 5,000 and the Taxpayer converts it to business use, values it at 30,000, sells it a year later for 2,500 and claims a 27,500 business loss. IRS does not like that.
So just be reasonable. Don't convert something and then claim a large loss.
Remember also that the value you place on the business asset is what the depreciation will be based on. Once sold or retired, you'll be liable for claiming back that amount of depreciation.
Below is a link for more information:
IRS 946
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