Well how do I figure out the fair market value on donation?

Answer 1

See IRS Pub 561 for a farily exhaustive (and exhausting) discusson on the rules for donations. Here's a link: http://www.irs.gov/publications/p561/ar02.html#d0e139

The rules are complex and it depends upon the type of property donated and the amount of the donation you are claiming. It's far too complex to try and even start to explain it in this forum.

Answer 2

If the items are clothing or household goods, there is actually a table that gives acceptable pricing. Talk to your tax accountant.

For other items, like a care - blue book. For items of value, you usually have to get several appaisals to verify worth. For stocks and bonds, it would be the price on the gifting date.