Fair Market Value in 60 Seconds

Описание: This term shows up everywhere in taxes. Here's what it actually means.
In this 60-second breakdown, I explain:
→ What fair market value (FMV) actually is
→ When the IRS uses it
→ Real examples of how it applies
→ How to figure it out

Fair Market Value: The price something would sell for on the open market — what a willing buyer and willing seller would agree on. Not what you paid. Not what you think it's worth.

When FMV matters:
(1) Donating stuff → Clothes to Goodwill? Deduct what someone would pay at a thrift store — not what you paid at Nordstrom five years ago.
(2) Inheriting property → Your cost basis is the FMV on the date of death — not what grandma paid in 1975.
(3) Getting paid in crypto or stock → That's income at FMV on the day you received it.
(4) Gifts → Gift tax is based on FMV at the time of the gift.
(5) Bartering → Trade services? Both sides report income at FMV.

How to determine FMV:
(1) Comparable sales — what similar items sold for
(2) Appraisals — for real estate, art, or high-value items
(3) Published pricing guides — Kelley Blue Book, thrift value guides, etc.

Got questions? Drop them in the comments.
I'm Christian with SwoleTax — keeping taxes simple, clean, and stress-free.

♫Come and Get Your Love by Redbone(Guitar Cover) by Christianvib

⚠️ This video is for general educational purposes only and is not tax, legal, or financial advice. Tax situations vary — consult a qualified tax professional about your specific circumstances. Tax laws can also change after this video is published.