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The process for determining fair market value for a damage claim would be the same for any other intended use. You need to analyze comparable sales data in the most common market where transactions to the public most frequently occur. You must determine the most common market where the property is sold to the public (i.e.,
On this form, you list each of the items you have donated along with some basic information about them, including "fair market value" and "method used to arrive at fair market value." An appraiser is trained in this kind of marketresearch and likely spends much of their time monitoring market conditions.
Sale of Assets: If the estate needs to sell personal property, an appraisal provides a realistic market value, helping to determine a fair selling price. Item Identification: Each item is identified and described in detail. MarketResearch: Appraisers research the market value of comparable items.
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