Q: How do I figure out the fair market value on a real estate property that is owned?
Also am I able to deduct from the fair market value of the property with things that are wrong with the home? I have been told we can only have 15k in equity 30k if filing together. We owe 68k on the home but online it says fmv is 155k in 2023 or 116k in 2022. I personally don't think it's worth that much after we fix everything wrong with it.
A: You probably should have it appraised and work backward from that number, especially if you’re convinced it’s not worth that much.
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