Nonprofit organizations often struggle with valuing noncash and in-kind donations, including the value of houses or other buildings. Whether for recordkeeping purposes or when helping donors understand proper valuation for contributed property, the task is not easy.
Although the amount that a donor can deduct generally is based on the fair market value (FMV) of the property at the time of contribution, there is no single formula for calculating FMV for every type of gift. Read more.
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