exemptions

[glc4122]

yes, i have a question about exemptions. how do you figure out what items as refrigerator, sofa and household items are worth to fill out schedule b. do you use replacement value, and what is the formula?

thank you

[follie]

I used garage sale values, or salvation army values, unless it was a brand new item.

Craigslist.org can also help- search what people are selling similar things for.

[glc4122]

exemptions

thanks for the information.

[CindyLou]

here is the link to the salvation army valuation guide. Of course if you are donating and want to claim an exemption then you would use the high value, but it you are valuating your belonging for the purposes of BK then you would use the lower end. Print this out and keep it with your files. If you are asked at your 341 how you valued your belonging then you can reference this list.

http://www.salvationarmyusa.org/usn/www_usn.nsf/vw-text-dynamic-arrays/85256DDC007274DF80256B80003D22FC?openDocument

[glc4122]

exemptions

thank you again for your help.

[SinkingFast]

Think in terms of where you would find a replacement for like kind.

Where do you buy an 8 year old sofa?? Yard sales, garage sales, 2nd hand furniture stores, eBay, Craig's List, etc.

Goodwill also has an online Auction website. So that's a place for you to look for hard to find items as well.

http://www.shopgoodwill.com/

[familyof7]

when I listed my personal property I did not itemize the refig and stove microwave I guess I need to ammend the schedules?

[SinkingFast]

Many attnys don't itemize household goods any more than the BK Forms require. Household goods are lumped together. Clothing is lumped together. Hobby equipment is lumped together. That sort of thing.

The less item specific info you give, the better off you are.

[glc4122]

exemptions

thanks again everyone for your help, probably will be needing more in very near future.