Is fair market value?
figure how much you may deduct for property that you contribute,
you must first determine its fair market value on the date of the
market value is the price that property would sell for on the open
It is the price that would be agreed on between a willing buyer and a
seller, with neither being required to act and both having reasonable
of the relevant facts.
is replacement value?
amount it would cost to replace an artwork with the same or similar
and of the same or similar substrate, image size, and edition.
- One of
the most common situations for collectors involves appraisal for
insurance coverage. With valuable antiques, decorative arts, fine art
insurance companies require these items to be scheduled separately and to have the amount of
coverage supported by an independent appraisal. The type of value that usually is required
in this circumstance is replacement value. This means the amount of money that would be required
to be paid in the marketplace to replace a property with one of like kind and quality.
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