How do I determine the purchase price for household goods if I don't know?

posted

Connect with an expert

1 Best answer

Accepted Solutions

How do I determine the purchase price for household goods if I don't know?

Just guess. It usually doesn't matter. The only time it matters is if your cost basis (purchase price) is less than the fair market value that you are claiming for the deduction. That's unlikely for used items.

View solution in original post

1 Reply

How do I determine the purchase price for household goods if I don't know?

Just guess. It usually doesn't matter. The only time it matters is if your cost basis (purchase price) is less than the fair market value that you are claiming for the deduction. That's unlikely for used items.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post