Reply To: Dealing with a stubborn IRS Revenue Officer re: equity in home

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#11260
Terrence Power
Participant

How much equity is in the home? Wouldn’t using the 80% quick sale value help? My understanding is that when looking at the value of real estate the IRS always uses 80% of value to take into account a reduction in selling price in order to effect a quick sale. Is there still equity using 80% of the appraised value less the outstanding mortgages?