If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Therefore, It’s crucial for you to understand the fair market value basis rules so that you don’t pay more tax than you’re legally required to.
Continue Reading Understand Fair Market Value Rules for Your Estate and Property
Not-for-profits often struggle with valuing noncash and in-kind donations. Whether for record-keeping purposes or when helping donors understand proper valuation for their charitable tax deductions, the task isn’t easy. Although the amount that a donor can deduct generally is based on the donation’s fair market value (FMV), there’s no single formula for calculating it.
FMV