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Need Fair Market Value from 2007
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My mother gave me a quit deed to her house (which is on my land with my own house) in October 2007. Now I'm trying to sell my entire property and found out that the IRS will want the Fair Market Value from that date on my mom's house whenever I sell and file taxes. My realtor has told me that's...
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I have 9 properties and I recently received 3 1099-A stating a balance amount due on the loan . For example, one of my condos had a balance of $130,000 and the FMV (Box 4) stated $145,000. I have County Records showing the Assessed Value of the property is $30,000. Question: Why is the bank...
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I have to do a practice set in accounting, when I got to this transaction it stumped me... What do I debit and credit? How much for? Purchased Land and an office building for $145,000, of which $100,800 was attributable to the fair market value of the building. A $55,000 cash down payment was... View more questions Search
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