Fair Market Value
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction. IRS Publication 561
This brief overview of some important considerations associated with fair market value is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.