Private Property Insurance

Fair market value is the price that property would sell for on the open market. It is the price that might be agreed on between a prepared purchaser and a keen vendor, with neither being required to behave, and each having affordable knowledge of the relevant details. If you put a restriction on the usage of property you donate, the FMV should reflect that restriction. This publication does not talk about the means to figure the quantity of your deduction for charitable contributions or written records and substantiation required.