We have serious IRS problems and more to come. Can the IRS take our home we are remodeling? Can we put it in our names and it still be safe?
2006-07-22 00:29:01 · 6 answers · asked by k9resq 3 in Business & Finance ➔ Taxes ➔ United States
Yes, IRS can put a lien on both real and personal property. Your best bet is to file all delinquent returns ASAP and make sure you are in current tax compliance. Contact IRS to make payment arrangements or hire a good CPA, Enrolled Agent, or Tax Attorney to help you. It is unlikely IRS would seize the house if it is your primary home. You may want to consider a home equity loan to pay them off.
2006-07-22 04:01:57 · answer #1 · answered by exirsman 5 · 3⤊ 0⤋
Could you clarify your question? It appears from your question that you don't own the house ("Can we put it in our names "), but if you don't own it, why are you remodeling it? If you're thinking about purchasing a house, any IRS lien will only attach to your equity in the house. I'm assuming you would be making only a small down payment, because if you had the money for a large one, you wouldn't have tax problems. If your equity is low, the IRS wouldn't go to the trouble of foreclosing its lien, which would require court approval. That is especially true if you are working with them to resolve the matter.
2006-07-22 13:27:58 · answer #2 · answered by Steve B 6 · 0⤊ 1⤋
The IRS can and will put alien on your home. Usually you have to owe more than 25 grand and be at least a year behind.
As far as taking your home it is rather rare and the IRS tries to exhaust all other avenues of collections prior to taking this step.
Get a CPA to help you with this matter. If you are collections get a professional.
2006-07-22 08:21:58 · answer #3 · answered by gitmo 2 · 0⤊ 0⤋
yes, the IRS can put a lien on your home, if you have serious tax problems contact a tax professional!
2006-07-22 07:48:54 · answer #4 · answered by Fred 1 · 0⤊ 0⤋
You bet they can, and will. Get a lawyer quick. That could be a waste of money. If you are really in deep do do with them, a lawyer won't be of much help.
2006-07-22 10:40:04 · answer #5 · answered by Dave B 4 · 0⤊ 0⤋
get a lawyer quit
2006-07-22 07:33:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋