Does the value of an item change its nature?

[daylate]

Lets say you have a very nice piece of household furnishings that was hand made by a craftsman and is worth 2k. Can you still consider this a household furnishing and take your allowed state exemption of say 1k and then add the state wildcard for 1k to fully exempt this item?

or asked another way does the value/worth of an item change its nature/classification?

It is not an antique and is used in everyday life. Not a display only a piece of furniture.

[carlsbadmike]

Is this the resale/used value?

[daylate]

yes

[BobMango]

I'd say it is what you say it is. In other words, you are using it like a household item, claim it as such. Unless it is a signed, numbered edition that you took out additional insurance on, I'd value it as you use it. You do need to be honest about the value, basically what you can get for it in a non-distress sale.

[daylate]

i have an estimate from a very reputable auctioneer who deals in this type of item and what a very similar (if not identical) items recently sold at auction for. Would these be justifiable estimates to use for valuation? These estimates were obtained when we trying to decide if we should sell or not. We did sell several items at auction and his estimates were with off by a couple hundred bucks one high, one low.

[tcreegan]

Hi daylate,

Auctioneers have great valuations, if they don't they won't last long. Go for the low end.

What you exempt under which exemptions is pretty much up to you. What I don't know about is splitting an item in two categories...say half in personal, half in wildcard.

Anyone?

Tom in Colo

[daylate]

Hi Tom. I hope that you can add the wildcard to the personal. I believe you can but as with so many other things, I'm not sure. Hopefully somebody will chime in with their input.