How to Determine Fair Market Value
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If a taxpayer gives or bequeaths items for which a ready market price does not exist (such as personal assets or unique items like artwork), what methods or types of information can be used to determine the fair market value (FMV)?
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Solution Summary
This tutorial outlines methods and information that one uses to determine fair market value.
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Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a ...
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