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I need to complete a personal financial statement and unsure…

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I need to complete a personal financial statement and unsure who to calculate real estate portion. Do I deduct for real estate commissions and closing costs in my value ir not? For example, say I own an investment property calues at $100,000 with no loan. Do I list $100k? Or do I list $100k less the 8% it costs to sell it (real estate commission, escrow fees, etc)? Also, same question for real estate owned in partnership. Do I reduce the total value of the real estate by the estimated costs it would rake to sell and then determine my equity amount? Or do I simply use the full fair market value of the real estate and not deduct any of thise costs? Its confusing! Thx for help

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

I own in washington state and also michigan and ohio

Lawyer's Assistant: Has anything been filed or reported?

I live in washington

Submitted: 5 months ago.Category: Legal
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Answered in 12 minutes by:
3/7/2018
Lawyer: INFOLAWYER, Attorney replied 5 months ago
INFOLAWYER
INFOLAWYER, Attorney
Category: Legal
Satisfied Customers: 63,586
Experience: Licensed attorney helping individuals and businesses
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Normally you include the value and separately identify the expenses associated therewith. Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Customer reply replied 5 months ago
Agreed. But tgst doesnt really help answer my question. On the asset side I list homes value and in the liability side I list the debt (loan) for example. This gives you equity. But what do I list for value.
Lawyer: INFOLAWYER, Attorney replied 5 months ago
The 100. You don’t subtract for expenses.Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Lawyer: INFOLAWYER, Attorney replied 5 months ago
Awaiting your reply, thank you!
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