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Lev
Lev, Tax Advisor
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I settled some debts and loan was forgiven and as a result

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I settled some debts and loan was forgiven and as a result I received 1099C. I am filling up IRS Insolvency Worksheet. I have a property and trying to find the value for the same. In my estimate, property is less than what I owe. I spoke with an appraiser to get FMV of the property. He is asking too much that I can not afford. I went to Chase Bank site and they had a tool where I entered the property address and it gave me the recently sold price for 5 similar houses in the neighborhood but not mine. What would be an acceptable estimate for my property if I get the mean price (p1+p2+p3+p4+p5 / 5) or Add the highest price and the lowest price and divide it by 2?
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

Hi and welcome to Just Answer!
Yes - for insolvency determination - your estimates are perfectly fine - you do not need to pay extra expenses for a professional appraisal.
You may estimate the value of your property using any reasonable method - including those method you are using - be sure that these 5 houses in the neighborhood that you are using are similar your yours - means the land size and the size of the house, number of rooms, etc. You may also compare tax records for these houses - if owners pay same property taxes - properties are considered similar and you may use average price.
Please be sure to keep a record of your estimations and insolvency worksheet - do not send any with your tax return. You would only need to present these documents to the IRS if you are audited.
Let me know if you need any help.

Customer: replied 2 years ago.

Could you kindly review the following. This is I got from Chase. First line is my property.

 

graphic

Expert:  Lev replied 2 years ago.

You may use ANY reasonable method.

Using average price for comparable sales that you proposed is very reasonable - and I do not think anyone would object that.

I review information that you have - it is perfectly fine.

You used information that is available - and I do not see any issues.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22990
Experience: Taxes, Immigration, Labor Relations
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Lev
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Taxes, Immigration, Labor Relations