I had to establish a value for my car, so I went to a professional appraiser that worked for the insurance company. I would suggest that you do the same for the IRS. If the value looks reasonable to the IRS, that is the value that they will used for tax purposes. You should check with your tax man because there maybe a local wrinkle in Texas.
If the car has been register, that maybe the key to it's value. The DMV in Mass valued my car at $6,500.00 for tax purposes because it is register as a 1965.
You also have to consider the market value which maybe still another figure.
Small Blocks Superformance 35 to 45
Big Blocks 40 to 50
All depends on the shape of the vehicle, the need to sell and the need to buy. Econ. 101
