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What is "Fair Market Value?"

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Summary:

Fair Market Value is defined as: "The fair market value is the price at which the property would change hands between a willing buyer and a willing seller.

Answer:

Fair Market Value is defined as: "The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. The fair market value of a particular item of property includible in the decedent's gross estate is not to be determined by a forced sale price. Nor is the fair market value of an item of property to be determined by the sale price of the item in a market other than that in which such item is most commonly sold to the public, taking into account the location of the item wherever appropriate." Regulation ยง20.2031-1.

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