my father in law has been diagnosed with lung cancer and has been out of work since feb. he has not filed taxes for 05, and he owes a good bit of money. he is completely dependant upon us. our home and land is on a survival deed to my husband. can the irs take the land and home (even thought it is supposed to go to my husband) to sell to cover what he owes? or will we be responsible for paying his debt?
2006-09-12 21:36:02 · 7 answers · asked by krazygrl999 1 in Business & Finance ➔ Taxes ➔ United States
Eventually they will auction the land and his possessions to raise the money that he owes. If I were you, though, I would go through his files and see what you can claim as tax exempt. Go through every avenue that you can. There has to be something. See if you can't give something to charity, like a car or something worth some money. Of course, you can even sell stuff on your own, such as furniture, at an auction to raise the money needed.
I hope that you find the money and good luck to you and your family.
2006-09-12 21:43:02 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Has the IRS contacted him regarding back taxes. If not, you have time. If they have, and you can't pay (either lump sum or payment plan), seek professional help to see if they will accept a lesser amount. They can seize the property, although it takes a while for them to do it and they would rather get a lesser amount now than have to deal with the property.
Good luck and I'm sorry about your Father in law.
2006-09-13 07:51:28 · answer #2 · answered by extra_37 4 · 0⤊ 0⤋
Since your FIL still owns the property, the IRS can seize the property to pay the back taxes on it. However, if it is co-owned, it will be harder for the IRS to seize the property.
If your FIL dies, the IRS will still need to be paid. If the IRS has not made any contact to your FIL about the money that he owes, then you may have a chance. It isn't one that I would take though.
2006-09-13 01:55:44 · answer #3 · answered by Steve 6 · 0⤊ 0⤋
I suggest that you seek legal advice promptly I do'nt know to much about it but this way you eill know your rights & responsibilities & even look into bankruptcy .
your hubby might wish to go bankrupt i do'nt know the law where u are but my hubby went bankrupt 2 years ago & i never . & i think thats away to go in case eventually u need your credit rating for something. i wish u all the best
2006-09-12 21:47:00 · answer #4 · answered by leebeesmum_77 2 · 0⤊ 0⤋
declare bancruptcy under chapter 9 or 13? not sure which chapter though...
2006-09-12 21:41:56 · answer #5 · answered by Sheepish TinTin 3 · 0⤊ 1⤋
seek legal advice/good luck
2006-09-12 21:43:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes start packing
2006-09-12 21:37:35 · answer #7 · answered by Anonymous · 0⤊ 4⤋