What is the value of a piece of art?
Statements of value are often based on sentiment or folklore. Many items have considerable emotional value, such as family heirlooms, but a minimal market value. Other items may have risen in value, or have an unknown value. For federal estate, gift and income tax purposes, transferred property must be reported at fair market value. In the context of estate planning, a proper valuation, based on both facts and the law, is essential. Read more