Fair market value can be illustrated with simple examples. A used winter coat in good condition that typically sells for 25 dollars at local thrift stores can reasonably be valued near that amount for donation purposes. A three year old flat screen television might sell for 80 to 150 dollars on local online marketplaces, so that range would guide your estimate rather than the original purchase price. A popular hardcover book that sells for 4 dollars at secondhand shops would have a similar fair market value. For collectibles, you might look at recent auction results and see that comparable items sell consistently around a certain price, which becomes your benchmark. The key is using actual sale data from open markets where willing buyers and sellers transact, not optimistic guesses.
