When making boat donations, the donors may need to come up with the vessels' fair market value, in order to get a tax deduction. What is fair market value? It is the price between a willing seller and willing buyer, with full disclosure of the boat's condition. Fair market value is not a guess but a calculation. For help, check pricing guides in your area. Find out what comparable boats in similar condition recently sold for. Then document your research, in case the IRS has questions later.


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