Definition of "Fair Market Value"

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Car Donation Tax Deduction and other Car Donation topics.

How do I accurately value my vehicle?

Definition of "Fair Market Value"

If you donate a car to a qualified charity that will keep and use the car, the value of your charitable contribution is usually the fair market value of the car at the time of the donation. Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Car Donation Tip Site? Request a Tip Now!


Guru Spotlight
Joe Wallace