The "step up" in basis allows the estate holding a decedent's assets, including real property, to value the assets at their fair market value as of the date of the decedent's death.
What does FMV stand for?
FMV stands for Fair Market Value
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of FMV
We have 27 other meanings of FMV in our Acronym Attic
- Flower Mound United Methodist Church (Texas)
- Forward Muon Detector
- Faculty of Medicine of the University of Porto (Portugal)
- Flash Memory Update Program
- Federation of Military and United Services Institutes of Canada
- Faculdade de Medicina da Universidade de São Paulo (Portuguese: Faculty of Medicine University of Sao Paulo; Brazil)
- Federation of Malaysian Unit Trust Managers
- Face Mask Ventilator
- Faculté de Médecine Vétérinaire (French: Faculty of Veterinary Medicine; various locations)
- Faijat Mailan Varressa (Finnish sports league)
- Fakulta Medzinárodných Vztahov (Slovak: Faculty of International Relations)
- Family of Military Vehicles
- Fan Made Video
- Fast-Moving Vehicle
- Feathery Mottle Virus (plant disease)
- Fédération Musicale Vosgienne
- Feyziye Mektepleri Vakfi (Turkey)
- Finesse Move (gaming)
- Fonds Municipal Vert (French: Green Municipal Fund)
- For Maximum Value (King Soopers brand)
Samples in periodicals archive:
A taxpayer may deduct the fair market value of an auto if the charity intends to make "significant intervening use of or "material improvement to" the car.
WASHINGTON -- Physicians should tread carefully when trying to arrive at a fair market value for office space they're renting, Beth Schermer said at a forum sponsored by the American Health Lawyers Association.
Paper gain of $80,886 at a fair market value of $7.
Unlike testamentary transfers, taxpayers can choose when to make gifts based on current market and other conditions that can cause fluctuations in fair market value (FMV).
By contrast, real estate that passes to your heirs outside a QPRT enjoys a step-up in basis; that is, any gain on its subsequent sale is based on its fair market value at the time of your death, not on what you paid for it.