How Do You Determine The Fair Market Value Of Furniture?
If you’re donating furniture to charity, selling it or distributing it to the heirs of an estate, you may need to determine the fair market value of the furniture. You will approach the task differently depending on whether the furniture is antique or has been purchased within the last several years. Hire a qualified appraiser if you need to find the fair market value of antique furniture. This person can provide you with documentation estimating the furniture’s value. Adopt a rule of thumb whenever you need to determine the fair market value of furniture that is not antique. Most furniture has a life expectancy of about five years, although some pieces may last considerably longer. Just like a new car, furniture loses value as soon as it leaves the store. Consequently, by depreciating furniture by 20 percent per year for four years, and 5 percent for each of the next four years, you can justify a reasonable fair market value of most furniture. This method is very useful if you must de
