I need to know how to Calculate my net worth?
I'm applying for a used car dealer license and they need a net worth of 75000, I need to know how to Calculate my net worth, I have two houses, bought them in 2008. the first one I paid 7000 for it, I spend about 10000 to get it fixed up. the auditor office appraised the house 42000. the second one that I live in it, I bought it from the bank for 62000, I paid 15000 as a down payment, the reminder is 48000. the house is apprised at 110000. how do I calculate my net worth ? I do have about 25000 in my account and a couple cars as well. How do I calculate the value of the car ? they are paid in full. I need to come up with something solid because I need to send this in on paper. do I just print this stuff online ? how do I do the paper work for the net worth ? please if you don't have experience in this don't answer, this is important and I don't have time for mistakes. thanks in advance !
- Go with the flowLv 79 years agoFavorite Answer
Net worth calculator
- 9 years ago
Add up the fair market value of everything that you own. Those are your assets.
Add up everything that you owe. Those are your liabilities.
Assets - liabilities = net worth.
Note that appraised value for real estate tax purposes is meaningless. You probably need to get certified appraisals of the value of the property.