the irs still get their money?
2007-07-19 11:01:44 · 6 answers · asked by QUETZAL 1 in Business & Finance ➔ Taxes ➔ United States
Many people will be in line for the money, in the end you are the one that owes what has not been covered by the sale of it. either the bank or the IRS either way you are in bad shape.
2007-07-19 11:08:48 · answer #1 · answered by Pengy 7 · 1⤊ 0⤋
You are going to be liable to pay the tax debt whether or not the house goes into forclosure and whether or not you sell the property. Are you certain about the amount of tax you owe? Did you file tax returns or did the IRS file the returns for you? There are a number of ways you may be able to resolve the debt. I am an Enrolled Agent and represent taxpayers before the IRS on these issues daily. I have a wealth of information on my website which includes information on tax liens, the offer in compromise program, installment agreements and more which is viewable free of charge. It should provide you with some answers. The web address is www.etaxrelief.com. You are of course always welcome to contact us as well. There is never a fee or obligation for the initial telephone consultation. Hope the information helps and best of luck to you.
eTaxrelief.com
2007-07-21 05:56:26 · answer #2 · answered by Chris J, President at eTaxrelief 2 · 0⤊ 0⤋
You really need to talk to an attorney that specializes in this. There are a lot of varying factors involved.
How long before the IRS found out that you owed them so much. There is a statute of limitations even for the IRS. They are not always right and even though they claim to be, they are often wrong in what they figure that you owe. I would definitely talk with a good lawyer.
This is another reason I do not vote for Democrats. They are the ones that fight against the fair tax and the abolishment of the IRS.
2007-07-19 18:09:34 · answer #3 · answered by celticwarrior7758 4 · 1⤊ 1⤋
What is your house worth? How much equity do you have? If you have more than 90 grand equity then sell it; pay off your loan and start fresh. Walking away would be more trouble than selling...the irs will still come after you.
If you don't have the equity in your home then contact a lawyer; they can often negotiate pennies on the dollar to settle an irs lien. They may settle for a flat rate of 9 grand..upfront. You could sell your house and pay it.
2007-07-19 18:21:34 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If the house goes into foreclosure, there will be a lien to the property. When the house resales, the lien will then get paid. I know it does not sound right, but the lien will stick to the house until it sells. They get their money one way or the other. ( through you or some other unlucky guy that gets stuck with it.
2007-07-19 18:10:25 · answer #5 · answered by Mel 3 · 1⤊ 1⤋
fake your own death start a new life under a new identity, or burn your house down
2007-07-19 18:04:43 · answer #6 · answered by Anonymous · 0⤊ 6⤋