DianeW777
Expert Alumni

Investors & landlords

Yes, in reference to determining the fair market value (FMV).  These are depreciable assets and therefore it is unlikely you could sell the for what you paid. Do the best you can to arrive at a FMV to use as your cost basis for these appliances. 

  • FMV = what a willing buyer would pay a willing seller while neither has a need to buy or sell and in the current market place.
    • Check Goodwill or any thrift store for pricing if necessary

Once you make your informed decision, that will be the amount to use for depreciation.  Keep your records to show how you arrived at the FMV for each appliance.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"