Need Practical Help Valuating Personal Items!

[Brian D]

Local worrywart here, seeking more help:

How much trouble should I go through trying to estimate the value of my personal items? I know it's important to make sure the list is thorough, but I'm not sure how to estimate a current value for them.

I can be pretty anal and have a lot of original receipts (even for the cube refrigerator I bought for my dorm room in 1983), so I guess that helps as a start. I thought I remember reading something about deducting 20% of the purchase price for each year you've had the item, but that obviously can't apply to a lot of things, otherwise you could claim anything over 5 years old is worthless. Which works for me, but I don't think that would fly with my trustee. :cool:

Most of my major stuff like stereo equipment, TV and furniture is so old (between 1990 and 1994) that I'd never be able to find a comparable item on ebay or anywhere. So how do I come up with a value? Just use my best guess of what someone might pay at a garage sale?

Aslo what about things like books and CDs? I COULD probably find average selling prices for specific items on ebay or Amazon, but researching each book and CD would take forever.

[willingtocope]

Get the NOLO book...that will help answer your questions.

And, you basically use garage sale prices. As someone who just recently tried to sell a CD collection, I can tell you 1-10 cents per CD is about all you'd get...same for 15 year old stereo equipment

[nimrod]

just guesstimate garage sale prices. I spent too much time trying to list things - my att'y said no, no, no... he just listed as "misc. household goods, as described" - as described pertaining to the statement in the state statutes. Check your state exemptions - ours does not set any limit for household furniture, books, pictures, cd/dvd's, but does limit clothing to $4,000 and such. If your state has low limits for your 'stuff', then you may need to spend more time determining values.

[Brian D]

Thanks. I do have the Nolo book, but it doesn't really talk about how to arrive at a value for your items.

I was particularly worried about stuff like books and CDs because you might sell them for 50c or $1.00 at a garage sale, but you could probably look up most CDs on amazon or ebay and find used copies being sold for at least $2. In fact, I recently sold a few of my old CDs to an internet-based reseller for an average of about $2.00 apiece.

I tend to worry that my trustee might often be looking to play "gotcha!", but your reassurances are helpful.

[bingo]

The trustee does not want used consumer goods. If you want a real good idea about how to value appliances or clothing, go to a Salvation Army or Goodwill Thrift shop and realize the posted prices are their version of retail. Deduct about 40% from that and you got basically gargage sale value.

[ladyceefour]

Unless your trustee moonlights as a flea market vendor, he's not even remotely interested in your books, CDS,etc. If he wants to be difficult,call a couple of auctioneers or secondhand store proprieters and ask what they're paying for the contents of the average house,probably about 10-25 cents on the dollar,(unless you have exceptionally new,deluxe stuff, or quality antiques,then you might get 40 cents on the dollar-for those particular items.)
I cannot swear to those figures being accurate for some states( NY,DC,FL, and CAL can be really wacky :lol: ) but for the average midwest/middle-income/middle age house contents buyout, it would be pretty close(I'm involved with the secondhand market/auction/antiques and collectibles industry)

[LadynRed]

Exactly right, the Trustee is NOT interested in your small used stuff, even MY lawyer told me that, and so did his paralegal that did my paperwork.

The assets a Trustee is looking for are of considerably MORE value than what you're worrying about. If you had a valuable coin or stamp collection, that would be different. If you've got a cache of diamonds or collectable art, or a rolls royce hidden away in storage, THAT is what a Trustee is looking for --- not your used gym socks.

List your major furniture items separately, the 'big ticket' items. The rest is small kitchen appliances, cookware, 3 lamps, 2 rugs, and clothing. Take a cruise out early on a Saturday morning and go to some garage/yard sales.. THAT is how you should be assigning value ot your stuff.

[ladyceefour]

Even if you do HAVE a collection, some fine jewelry, a nice classic or specialty auto( I don't think your demolition derby bomber is considered a specialty auto :wink: ), or whatever-keep in mind that a quick liquidation is NOT going to net you the optimum value listed in some reference or guide book, and if your trustee wants to argue that point ask to see his credentials for appraising personal property,jewelry,coins, antiques... and just owning a "price guide" or "blue book" is NOT 'credentials'.