Q:

How do you estimate the price of old furniture?

A:

Quick Answer

Estimate the price of old furniture by hiring a qualified appraiser, using the IRS guidelines for household good values or by using a depreciation scale. During the first four years of ownership, furniture depreciates 20 percent of its initial value each year. Over the next four years, furniture depreciates an additional 5 percent each year.

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Full Answer

An appraiser is recommended for antique furniture. Appraisals are useful for items that require documentation of the estimated value. If the furniture is coming from an estate, use the depreciation scale and an estimate of the age of the furniture. Alternately, compare your furniture with listings on auction websites, such as eBay. Some sites offer the ability to see current sales and sales from the past month for a broader idea of the current value of the furniture.

Use the IRS guidelines if you donate the furniture to an IRS-recognized organization and wish to claim the donation on your taxes. If the goods donated are valued over $500, the pieces have to be evaluated by an appraiser to be eligible for tax deductions. Appraisals have to include the condition of the donated pieces, the authenticity of the pieces and an official estimated value. Use the guidelines for independent inquiries by contacting a tax professional or calling a local organization that keeps this information.

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