Real property includes your personal residence, 
vacation property(ies), rental and commercial 
properties, and vacant land.  

If the property is owned jointly, as tenants
in common, or by any other method of ownership 
with another person who is NOT liable for the 
taxes, special computations will have to be 
made to determine the FMV of YOUR interest. 

The fair market value (abbreviated as FMV) of 
your real property is what you would likely be 
able to sell it for without being forced to sell
it.  The IRS will usually look that the FMV of 
your real property and multiply it by 80% to
arrive at a "quick sale value."  This is what 
the IRS would expect to receive if they seized 
and sold the property. 

For the purpose of this questionnaire, after 
you determine the FMV for the property, 
include only your interest if none of the other
owners are liable for the tax you wish to 
compromise with this Offer in Compromise.