FMV Documentation Information

A fair market valuation (FMV) assigns or changes the value of an asset. Midland requires that you submit supporting FMV documentation and valuation yearly. This ensures proper tax reporting to the IRS. All IRA custodians must provide the IRS a year-end value for IRA accounts.

Click on the asset below for examples of FMV documentation you may submit.

Real Estate

An appraisal, broker opinion letter, or tax assessors “estimated market value.” Click here for the fair market value form.

 

Closely-Held LLC or LP

Provide the value of each asset in the LLC. If your LLC owns real estate, the same standards as listed above apply. You may have other assets, such as bank or brokerage accounts. In this case, submit the statement for that account that coordinates with your valuation date. A K‐1 is not acceptable as it represents a historical value. Click here for the fair market update form.

 

Private Placement

Contact the manager of the private placement and ask how you can get a value for your investment. A periodic statement or letter from the manager on company letterhead will suffice. A letter from the manager will not be enough if you or a disqualified person to your IRA are the manager. Click here for the fair market value form.

 
 

Notes and Mortgages

Typically, the value of a Note is equal to the outstanding principal balance. You need to provide an updated valuation for notes if the current value differs from our records. Review account statements to ensure the records appear correct. This includes proper allocation of principal and interest payments received. Click here for the fair market value form.

 
 

Futures & Forex

Provide a copy of your account statement. A Midland FMV form is not required if providing a 3rd party statement.

 

For worthless or bankrupt/litigated assets, provide any documentation you may have. We may contact you about more requirements for updating your account.

If you have any questions about FMV documentation, then please call us at 239-333-1032 EXT 14.

Private Lending FAQs

Real Estate

An appraisal, broker opinion letter, or tax assessors “estimated market value.” Click here for the fair market value form.

Closely-Held LLC or LP

Provide the value of each asset in the LLC. If your LLC owns real estate, the same standards as listed above apply. You may have other assets, such as bank or brokerage accounts. In this case, submit the statement for that account that coordinates with your valuation date. A K‐1 is not acceptable as it represents a historical value. Click here for the fair market update form.

 

Private Placement

Contact the manager of the private placement and ask how you can get a value for your investment. A periodic statement or letter from the manager on company letterhead will suffice. A letter from the manager will not be enough if you or a disqualified person to your IRA are the manager. Click here for the fair market value form.

 

Notes and Mortgages

Typically, the value of a Note is equal to the outstanding principal balance. You need to provide an updated valuation for notes if the current value differs from our records. Review account statements to ensure the records appear correct. This includes proper allocation of principal and interest payments received. Click here for the fair market value form.

 

Futures & Forex

Provide a copy of your account statement. A Midland FMV form is not required if providing a 3rd party statement.

For worthless or bankrupt/litigated assets, provide any documentation you may have. We may contact you about more requirements for updating your account.

If you have any questions about FMV documentation, then please call us at 239-333-1032 EXT 14.