[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-4135":3},{"rec_id":4,"title":5,"text":6},"4135","How do I determine Fair Market Value of a donation?","The Fair Market Value (FMV) of the donation is the price that it would sell for on the open market. It is the price that a willing buyer and a willing seller would agree on when both have a reasonable knowledge of the relevant facts.\n\u003Cbr>\u003Cbr>\nThere are certain situations where you may need to adjust the FMV of your donation. For example, ordinary income property is limited to the FMV minus the amount that would be ordinary income or short-term capital gain if the property were sold. Ordinary income property consists of capital assets held for 1 year or less (i.e., stocks, securities, assets, etc.), inventory, and works of art created by the donor or gifted by the artist to the donor. \n\u003Cbr>\u003Cbr>\nThe software will adjust your allowed donation to your Donor Cost or Adjusted Basis.\n\u003Cbr>\u003Cbr>\n\u003Cb>Pass-Through Entity Donation:\u003C/b> Make sure you entered your \u003Ci>K-1\u003C/i> in the Income section before entering information on this screen, so you see the \u003Ci>K-1 Information\u003C/i> section. If this donation was made by a pass-through entity in which you're a member, you'll enter the total appraised FMV of the property here. This is usually found on the entity's \u003Ci>Form 8283\u003C/i> they provide to you. The amount will be greater than your deduction. \n\u003Cbr>\u003Cbr>\nSee IRS \u003Ca href=\"https://www.freetaxusa.com/taxes2025/formdownload?sid=20&form=f_pub_561.pdf\" target=\"_blank\">Publication 561\u003Cspan class=\"append_pdf\"> \u003C/span>\u003C/a> and \u003Ci>\u003Ca href=\"https://www.freetaxusa.com/taxes2025/formdownload?sid=20&form=i8283.pdf\" target=\"_blank\">Form 8283 Instructions\u003Cspan class=\"append_pdf\"> \u003C/span>\u003C/a>\u003C/i> for more details.",1777391540874]