Fair Market Value is actually a hypothetical created by the IRS. They require FMV to be used for charitable donations, and in other instances such as estate tax. Here is their definition:
I am a personal property appraiser and that is actually incorrect. The IRS only allows you to take Fair Market Value as a deduction (you can easily look this up on their website). You don’t get to deduct more than what the property is worth or you are really asking for trouble. Different types of appraisals are valued…
I am 59, and while I don’t feel elderly yet, I’m getting there, and I absolutely do not watch this POS.