Insolvency worksheet suppose to include personal residence? With my past clients I used a spread sheet that included personal residence but didn't matter, the clients still displayed a negative net worth but now I have a new client that told me they can show negative net worth w/o their personal residence since the taxpayer has no mortgage.
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I think you have to include it. When calculating net worth,what would be the difference between excluding a $100K personal residence with no mortgage vs excluding $100K in a bank account?"The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
My understanding is that total assets includes everything including the main home or any additional homes.Comment
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