Attempting to buy a relative’s home ~ but the home & property (5acres) was appraised for $30,000. less than the asking price.
Relative was upset, because the house was appraised 5yrs ago at $10,000. OVER the current appraisal value ~ and that number was for the house alone, didn’t include the value of the land it [...]
26
Jul
How Does The Irs Determine A Home Value When Calculating If Tax Payer Was Insolvent After “settling” A Debt?
Author: Rob // Category: Q&AI “settled” with several credit companies for over $40,000 in debt. The IRS considers the settlement amount as earned income unless the tax payer was “insolvent” at the time of the settlement. My home has minimal equity but I don’t know how to determine the value the IRS will use in calculating my debt [...]