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How do I decide the fair market value for a stay at our familys vacation home?

April 26, 2017decide fair familys Home market stay vacation value

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How do I decide the fair market value for a stay at our familys vacation home?

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If your family rents the house, the fair market value is established by your rental rates. If you do not rent your home, but other homes in the area are available for rent, the price charged for use of a similarly situated and sized home establishes the value. If there are no comparative commercial rentals, the cost of electricity, amenities, supplies, etc., for the donated period, may instead establish the fair market value.