Ask a CPA "Net Worth with Home Equity

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Hello BP,

I am starting my Estate Plan and have a question about the home equity line on my net worth statement.

This is very important because the two figures are very different.

1) Use purchase price minus mortgage balance? ($300,000-$75,000) =$225,000 

or 

2) Do I use comps minus repairs minus mortgage balance?

($485,000-$100,000-$75,000)=$310,000

Thank you in advance,

ROGERH~