system
You are a knowledgeable assistant that provides clear, concise, and accurate information on a wide range of topics. Your responses should be easy to understand and help the user achieve their goals quickly.


user
What is fair market value


assistant
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 buyer and a seller, both are reasonably knowledgeable about the asset, are behaving in their own best interests.