Fair Market Value and Taxes??? - Posted by Bushman
Posted by Bushman on February 02, 2002 at 22:23:36:
I saw a post by John Hyre in the archives that talks about using the cash accounting method with dealer status. This is obviously critical in the tax avoidance arena. The post is shown below…
I think I understand the law and why it was passed, but who really determines fair market value for accounted sale price on the transaction?
Certainly, fair market value would be different everywhere and NADA is really no help on this. For RE, fair market value is a matter of public records with the county register and drive by appraisals, but mobile’s are different (at least in my state - MI).
Blane, correct me if I am wrong on this, but in MI, there is not a place to go find out what folks paid for “like” mobiles to help determine fair market value.
Thanks for any advice…