The IRS requires that you use the fair market value of the property to do this. Fair market value is defined as "the price for which you could sell your property to a willing buyer, when neither.
Fair market value is an estimate of the price at which real property would change hands in an arm’s length transaction. That is, a voluntary transaction between a willing buyer and a willing seller, both having equal bargaining power and a reasonable knowledge of the pertinent facts.
Fair market value. 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 willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.
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According to the Internal Revenue Service, fair market value can be calculated based on the current selling price of the property, the price of comparable goods, the cost to replace the item or the opinion of experts on an items value.
Fair market value is how much you can list your house for based on its floor plan, location, condition (to name a few data points) and the state of the local market. So, with that-let’s get started. 1) Conduct Your Own Comparable Analysis to Determine Fair Market Value
Fair market value is the reasonable selling price of a business, stock, real estate or other assets. Although this valuation is an agreed price between a buyer and a seller, other factors might be.
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The market determines fair market value. If you put your house on the market, by definition, the best price you get for it is its fair market value. Any other determination, including by an appraiser, is simply a best guess. This gets complicated, however, if the sale is not an arms-length transaction.
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