If you hold more than one asset within your self-directed account, please complete one form for each asset. Also, each form must be sent back with supporting documents. For real estate assets, that may include a real estate fair market value analysis, more commonly referred to as a comparative market analysis (CMA). This is a detailed report examining the homes currently on the market, under contract, recently sold and recently expired, withdrawn or canceled. It determines what a property is worth in the current market. For investments that you may have deemed “worthless” or “lost,” contact Entrust for questions specific for your account. If these assets are to be removed from your account, indicate the status and value on the Fair Market Valuation Form and sign it yourself. In this instance, you will not need a qualified, independent professional to perform the valuation. You will, however, need to provide documents that will support the status and value to remove them from your account. These can be:
- Tax Form 1099-C (Cancellation of Debt).
- Deed in lieu of Foreclosure or a copy of the recorded Trustee’s Deed (for defaulted mortgage).
- County’s recorded Tax Deed (for defaulted property taxes).
- A “cease and desist order” from an entity such as the SEC or a similar state agency.
They are also required when taking an in-kind asset distribution, converting, and recharacterizing an asset. An appraisal is also required on these types of transactions to determine the fair market value. The appraiser does not have to sign the FMV Form and the appraisal report is sufficient.