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June 3, 2019
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How do I determine the purchase price for household goods if I don't know?

  • June 3, 2019
  • 1 reply
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Best answer by Hal_Al

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.

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Hal_Al
Hal_AlAnswer
Employee
June 3, 2019

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.