Include the fair market value of all licensed vehicles (autos, RVs, trucks, boats, trailers, motorcycles, etc) for which you are on the registration as a legal owner. If another individual in on the title as a joint owner and that individual is NOT liable for the tax liability, then include just YOUR portion of the FMV in this schedule. For example, you and your brother jointly own a ski boat with a FMV of $10,000. Your brother is not listed on the assessment for the tax liability you are seeking to compromise. Your brother is listed on the Certificate of Title as an owner. You will include $5,000 as the FMV of your interest in this boat. Do NOT reduce the FMV by any amount that you owe on the vehicles. That will be reported later.