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I settled some debts and loan was forgiven and as a result

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I received 1099C. I am...
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: 5 years ago.Category: Tax
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Answered in 12 minutes by:
3/1/2012
Tax Professional: Lev, Tax Advisor replied 5 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,134
Experience: Taxes, Immigration, Labor Relations
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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.

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Customer reply replied 5 years ago

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

 

graphic

Tax Professional: Lev, Tax Advisor replied 5 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
Lev, Tax Advisor
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Satisfied Customers: 30,134
Experience: Taxes, Immigration, Labor Relations
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