How to value property?

[arami008]

Hello,

I was wondering how to value household goods and personal property? What sources can I use? I have a ton of books and was wondering how to value them at used price? Should I write down the source as well? A bit confused...Any input I greatly appreciate..Thanks.

[nervousss]

My lawyer told me to value things at what I could sell them for, not what they are worth.

For example, my engagement ring is "worth" $6,500, but I went to a pawn shop to see what they thought the value was, they offered me less than 1k for it. People in general don't want to buy used wedding sets. I rounded up on my paperwork to $1,000, and that was an acceptable amount for it.

I paid $3,000 once upon a time for my bedroom set, but on craigslist, I couldn't get more than $500 out of it.

Be realistic, and don't over or under value what you would pay for your things if you were buying them from someone at a yard sale or on the internet.

As far as actual sources, you should just look online at what used things of a similar nature end up being priced as. I just estimated on most of my things, but when I wasn't sure, that's what I did.

There are probably better ways to do it, but that's how I did it. Someone else feel free to chime in with actual links and sources lol


EDIT: By the way, if you do go to a pawn shop to get things appraised, definately write down where you went and who gave you that value. They probably wont write it down as an estimate for you, but you can at least give that to the trustee.

[2Bshinyandnew]

Find out what similar-condition items go for at Goodwill or a flea market.

I bought a Navy Blue micro fiber La-z-boy recliner last year from Goodwill for $30. It started out at $60, then dropped down to $40, and then they were offering an extra discount the day I happened to be in the store. I saved the receipt. It really looks brand new, and when I looked it up on LaZBoy's site, it goes for $600-$700 new. I really paid $30 for it!

When I file I'm putting down it's worth $20, it's twice-used now .

[gogetter76]

Hello,

I was told, the price you would get at a garage sale. True?

[HHM]

Hello,

I was told, the price you would get at a garage sale. True?

Correct, for any personal property (i.e. furniture, etc), you use garage sale value (unless the item has some value, i.e. 2ct diamond ring, etc).

[arami008]

Good advice...I was thinking of checking craigslist and ebay for used books for example..but should I list the source on the personal property schedule or just be ready to provide it in case they ask?

[BillyRip]

Hello,

I was wondering how to value household goods and personal property? What sources can I use? I have a ton of books and was wondering how to value them at used price? Should I write down the source as well? A bit confused...Any input I greatly appreciate..Thanks.

I was told garage sale prices.

Sorry for the duplicate answer.

[arami008]

It's good to hear that we are all on the right page...yard sales, craigslist and online sources will do...just wondering if after writing down the property and value of it, if i should write down the source I used to value it? Thanks all.