Publication 561

Publication 561

A form published by the IRS explaining how to determine the value of a property that has been given for free for tax purposes.
References in periodicals archive ?
Publication 561 offers instructions about calculating gifts of in-kind contributions or noncash donations and Publication 8283, substantiates more valuable in-kind contributions.
IRS Publication 561, Determining the Value of Donated Property, provides general IRS guidelines on noncash donations.
According to IRS Publication 561 entitled "Determining the Value of Donated Property," "Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.
According to IRS Publication 561 entitled Determining the Value of Donated Property, "Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.