My husband and I bought a piece of property with cash a couple years ago. My husband now has tax problems and we are worried about the IRS taking the property. My parents let us borrow some of the money to buy it origionally and they don't want to lose thier money either. If we quit claim this property over to them so that we have no interest in it, can the IRS take it from us still or place a lien on it? There is no mortgage.
2006-09-03 06:51:35 · 6 answers · asked by nuclearose 2 in Business & Finance ➔ Renting & Real Estate
We are on a payment plan, but I am still afraid of what might happen. Can they take our assets or just put a lien on them? We don't owe that much, but the property does not really have any equity to exploit for money.
2006-09-03 09:36:38 · update #1
If you have IRS problems you're in trouble. Get a lawyer and all of your paper work in question and go see what can be done with the IRS..........First off, don't hind anything from them because they will find it and that will cause you more problems in the long run. Good Luck!
2006-09-03 06:54:44 · answer #1 · answered by Texan 6 · 1⤊ 0⤋
Dont mess with the IRS. They will take what is theirs and more with penalties and interest. I would suggest getting a loan on that land to pay them off ASAP if possible.
If the lien hasnt been placed yet, you may be able to do it. If the IRS has already said they are coming after the property, its too late. Try to work with them, and see if they will work out a payment plan with you. They will be taking your years of tax returns as well until this debt is paid off.
Seek legal counsel as well, you may have more problems then you know if the amount owed is very large, and the IRS has been trying to get this money for a long while.
Best of luck to you.
2006-09-03 08:36:32 · answer #2 · answered by R.E.Reta 2 · 0⤊ 0⤋
Hiding assetts is illegal.... you can do it and be safe, but if they find out... your screwed... messing with the government is not a good idea.. your best bet is to allow them to put a lien on it... and find a way to come up with the money.... if the IRS puts a lien on your credit.... it will be impossible to buy another house or property... so you gotta figure out some kind of payment arrangements and follow through with them, so they wont put it on your credit record. Or give it up and start over.... depends on what you can do
2006-09-03 07:33:48 · answer #3 · answered by breathofvitality 2 · 0⤊ 0⤋
figure what you owe them and take a mortgage on the property. irs wants money you owe them, not your home.
suck it up and pay.
2006-09-03 06:59:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Trasactions to protect assets, after legal procedures are initiated can/will be overturned.
If no legal procedures are initiated, maybe. There are time limits,which will not recognized if very recent.
Consult an attorney.
2006-09-03 06:57:50 · answer #5 · answered by ed 7 · 0⤊ 0⤋
I was going to answer this question - but Frogie is giving you good advice - good luck.
2006-09-03 06:57:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋