I'm glad you chimed in about the taxable value and how it's not always market value. It currently shows an assessed value of $133K. So, that is not going to be of use.
I still don't comprehend the documentation I need for FMV. As an example, if I am coming up with the FMV of the furniture, it is my best estimation of what it is worth. Unless I have everything officially appraised which would produce an official document showing the value, there is nothing on paper. There is no Kelley Blue Book or other valuation guide that I can point to in coming up with the value. So what proof does anyone use to paper the file? It was high end furniture and using thrift store pricing would not have been accurate. And, hypothetically, if it was low end furniture and thrift store pricing was used, there would be no price list from the thrift store showing the comparable furniture pricing. So, it's basically my word. If the IRS says prove the value, what do people produce to "prove" the FMV?
