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House Calls: How Long to Wait

Edith Lank on

Assessment Vs. Appraisal

Dear Edith: I am responding to the person who asked whether it's possible to use a home assessment to value a home. I have owned my home for 32 years. I have made many improvements, and the area I live in is very sought after. To use my assessment, which they do raise now and then, would still result in a selling price that's way too low. Tell the reader to get an appraiser to look at the home. -- D. A.

Interest on Escrow Account

Ms. Lank: As a tax professional, I'd just like to add one tidbit to the discussion of interest on an escrow account. If your escrow earns interest, the interest is considered taxable income. Your bank should furnish a Form 1099-INT. If it doesn't, the IRS expects you to ask for it, or at least find out what the amount was for the tax year and include it as taxable interest. (You don't have to send the 1099-INT form itself to the IRS).

I don't know if you consider this bit of info a bit far afield -- it's only tangentially real estate-related, but I'm sending it just in case. -- R. E.

 

Answer: Thanks for the reminder. It does apply in states where interest is paid on escrow accounts.

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Contact Edith Lank at www.askedith.com, at edithlank@aol.com or at 240 Hemingway Drive, Rochester NY 14620.

Copyright 2017 Creators Syndicate Inc.
 

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