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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121592  
Subject: Re: Used book deduction Date: 11/19/1999 8:52 PM
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<<My question is - What will the IRS accept as a reasonable value for these books? A large number (100's) are paperback novels - e.g., your standard bestsellers - in almost new condition (typical retail of say $6 to $7.50). How much will IRS let me take on a used paperback?>>

You've already received a great response. Just a few things for me to add.

As a rule of thumb, when you are dealing with used books (even though they are close to new) you are looking at 10% to 20% of the original cost. One very good place to "price" these books is at your local used book seller and/or thrift shop.

In fact, if you have a used book seller nearby, you might ask them to give you an "unofficial" appraisal on the books...what HE would sell them for, or what HE would pay your for them. That would go a long way in establishing the FMV of the books.

Additionally, if you are also giving away large amounts of cloting, you might want to check out http://www.taxsave.com

For a small fee ($15 I believe) you can receive a database of FMV prices for used clothing. You might be surprised how much you are potentially undervaluing your contributions of used clothing. So if you are giving a bunch of stuff away, you should easily save the cost of the report in taxes.

TMF Taxes
Roy
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