If you sell your home turnkey furnished, where to you account for the value of those items. I would think that value would be deducted from profit?

[gpalmerj61]

We sold our home with all furnishings and wonder how to value those?  Does the furniture value get deducted from the proceeds?

[Opus 17]

Sorry.  For your personal home (not a rental or business property) you sold the real estate (land plus anything permanently attached) for the price listed.  You likely signed a document transferring the contents for a nominal fee (like $1).  You can't deduct a loss because you sold personal items for less than their value, and it's not an adjustment to the home sale price either.

Allowable adjustments to cost basis are listed on page 8 here.

https://www.irs.gov/forms-pubs/about-publication-523

If this was a rental property, we have to get into discussion about depreciation and adjusted cost basis, and whether the items were listed as expenses or were on your asset list.