April 9, 2010, Newsletter Issue #192: How to Figure Fair Market Value

Tip of the Week

When making boat donations, the donors may need to come up with the vessels' fair market value, in order to get a tax deduction.
What is fair market value?
It is the price between a willing seller and willing buyer, with full disclosure of the boat's condition.
Fair market value is not a guess but a calculation.
For help, check pricing guides in your area. Find out what comparable boats in similar condition recently sold for. Then document your research, in case the IRS has questions later.

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