Personal Property

[4inga]

How do I do this when I am filing by myself and have 2 children as well? Do I count everything in the house and then divide by 4, by 2? I am finding this very difficult.

thanks-

[TatteredInTexas]

Hi 4inga,

I just went through this myself, yesterday.

What worked for me is, I created a spreadsheet in M/S Excel with several columns. Column 1 designated the room the item was located in, Column 2 defined the item, Column 3 put the item in it's class (furnishings, jewlrey, etc..) Column 4 was an estimate of the date I acquired it, Column 5 was what I originally paid for the item, and Column 6 was what I estimated the item to be worth at "garage sale" values. *Note - in calculating value for larger priced items, I used the 20% depreciation rule. (Deduct 20% of the price paid, for each year you have owned the item).

Once you've listed all of your items - total up your "what it's worth now" column, and that should be the worth of your personal property. Don't forget to add cash on hand, bank accounts, and any other financial instruments you may own or have an interest in.

Be sure to list everything!

I grouped allot of items (linens, draperies etc...), because the total value was less that $500 (combined). But, if it's jewlery, of any significant value, or higher ticket items... I would itemize them.

All the best,
Ronnie
TatteredInTexas

[HHM]

How do I do this when I am filing by myself and have 2 children as well? Do I count everything in the house and then divide by 4, by 2? I am finding this very difficult.

thanks-

First off, if its just you an 2 kids, where do you get "4", I would think at most it would be 3.

If your married, you still don't need to divide by 2, you simply indicate that the propert is held jointly or community depending on your state.

But no, all the personal property is essentially yours...but its really not that big a deal as you only value personal property at garage sale value, so all your personal property should fit under your states exemptions, one way or the other.

[4inga]

"4" would be me, my husband, and my 2 children. Right now I am over Ga's limits, maybe I'm pricing too high.

thanks-
hm

[HHM]

Yeah, I think you are pricing too high.

Think about it like this, if you held a garage sale this weekend, how much do you really think you would get for it. You may have paid $1200 for a leather sofa, but you'd be lucly to get $200 for it if you had to sell it.

I am filing by myself and have 2 children

Sorry, this statement didn't really indicate to me your were married.

[jennga]

Went through that one too

My lawyer told me the same thing, what would you get for it at a garage sale. Like for instance my computer that I paid 1800 for, I saw one in the used electronics part of the newpaper and it sold for 150.

I am filing seperate from my husband and the lawyer was very helpful. My credit has been bad for quite some time, so cars etc are not in my name. My income does help make the car payments though. Lawyer said to find what percentage of our total income was mine (as I make less than my husband) and that is how I figure out what my portion of all the different bills would be, such as phone, utilities, etc.

I know you didn't ask about that last bit of information but I was wondering if that is how you are doing it as well. Just curious and hoping we are all being led in the right direction.