Valuation Methods. Motor Vehicles. You’re likely familiar with valuing a car or truck. It’s not much different in bankruptcy. Household Goods. Jewelry, Furs, Artwork, and Collectibles. Talk to a Bankruptcy Lawyer. Author: Cara O'neill, Attorney. Jun 28, · It's a good idea to keep a list on file, along with pictures and receipts, of all your household goods for insurance purposes. Another reason you may need to list your household goods is if you’re filing bankruptcy. Bankruptcy rules vary by state, so when valuing household goods for a bankruptcy, you should consult your bankruptcy attorney. Disclaimer: IRS Collection Financial Standards are intended for use in calculating repayment of delinquent taxes. These Standards are effective on March 30, for purposes of federal tax administration only. Expense information for use in bankruptcy calculations can be found on the website for the U.S. Trustee Program.. Download the national standards for food, clothing and other items .
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Here are some guidelines for valuing property in bankruptcy. The value of real property e. The best source for the value of real property is current market data. Real estate agents will often estimate the price your property would sell for, based upon recent sales of comparable properties.
There are websites that approximate the value of your property, such as Zillow. Or, you could hire a real estate agent to do a formal current market analysis CMA or hire a licensed appraiser to do a more comprehensive, formal appraisal. Call me for a referral to a reliable real estate agent who will do a professional CMA for a reasonable fee. Typically, the liquidation value is what you could get if you sold the item at a garage sale, at an auction, or to a pawn broker.
Most people tend to exaggerate the value of their personal property. Here are some guidelines for various categories of property:. Email me. I'm an experienced bankruptcy attorney. Do you have bankruptcy questions? Go ahead, ask!
These statements are not intended, nor may they be construed, to be applicable to any particular set of factual circumstances nor to any particular person. I recommend that all readers seek the assistance and advice of an experienced bankruptcy lawyer for guidance in their particular circumstances.
With a background in taxation and financial consulting, Alia Nikolakopulos has over a decade of experience resolving tax and finance issues.
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Visit performance for information about the performance numbers displayed above. Skip to main content. Tax Laws About Donating Clothing. Step 2 Use Internet market websites to value common household items.
Step 3 Use appraisers to value collectibles, antiques and jewelry. Step 2 Download a donation value guide from a national charity that accepts household item donations. Step 3 Locate each type of household item you donated on the value guide list. Apparel and services includes clothing, footwear, material, patterns and notions for making clothes, alterations and repairs, clothing rental, clothing storage, dry cleaning and sent-out laundry, watches, jewelry and repairs to watches and jewelry.
Personal care products and services includes products for the hair, oral hygiene products, shaving needs, cosmetics and bath products, electric personal care appliances, and other personal care products.
The miscellaneous allowance is for expenses taxpayers may incur that are not included in any other allowable living expense items, or for any portion of expenses that exceed the Collection Financial Standards and are not allowed under a deviation.
Taxpayers can use the miscellaneous allowance to pay for expenses that exceed the standards, or for other expenses such as credit card payments, bank fees and charges, reading material and school supplies.
Taxpayers are allowed the total National Standards amount monthly for their family size, without questioning the amounts they actually spend. If the amount claimed is more than the total allowed by the National Standards for food, housekeeping supplies, apparel and services, and personal care products and services, the taxpayer must provide documentation to substantiate those expenses are necessary living expenses.