I am considering just letting the IRS have it and sell it. They would get more money out of it now, then years down the road. I am nor do I foresee being in any position to pay this lien. What would happen if I just walked away from it and told them its theirs???
2007-12-21 12:06:44 · 6 answers · asked by adamnicrose 1 in Business & Finance ➔ Taxes ➔ United States
Have you tried to set up an installment agreement with the IRS. If you don't try to pay then that is why they put a lien on your personal property. IRS wants their money and you should try to pay something to them. Just as you would if someone owed you a large sum of money. Call IRS at 1-800-829-1040 and offer a payment agreement.
2007-12-21 13:45:02 · answer #1 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
If the property is to be sold then YOU should sell it because if the lien is not satisfied (plus all closing costs) then you will still owe the IRS. Why not work out an arrangement to pay the IRS? Borrow money from family or friends or even a bank loan (using the mobile as collateral). You will not have to pay the abusive interest and penalties of the IRS that way.
As someone else said the IRS would sell it at an auction and whatever was lacking would still be your debt. You have to live somewhere so don't jump from the frying pan into the fire!
2007-12-21 20:28:22 · answer #2 · answered by Othniel 6 · 0⤊ 0⤋
Bad move. IRS would have to get a court order to seize and sell a residence. This is something they don't want to do unless there is enough money to make the cost worth while. If IRS did sell the mobile home it would be at a distress sale price and that is all that would be applied to your account. You would still owe the difference. The best recovery would come if you listed it for sale with a local broker and got the market price. If you are not able to pay the liability in full at all, ever, the account status may eventually be changed to currently not collectible. If you can come up with a lump sum that equals what IRS feels is the reasonable it can collect, you could also file an offer in compromise to settle the account for less than 100 cents on the dollar. You can email me through my profile for more information about the procedure.
2007-12-21 21:25:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Why don't you just sell it and pay them off and keep whatever is left?
If they take it they will sell it at auction and probably get less than you could sell it for. Then they'll tack on the cost of the sale, etc. yadda, yadda. By the time the dust settles, there may not be enough to satisfy the debt. So you'd be out a home AND still have some lingering debt with the IRS.
2007-12-21 20:17:31 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Your credit history will go down the drain and the IRS may still come after you for more seizures of property even in future years. Pay the bill you are better off.
2007-12-22 10:35:21 · answer #5 · answered by Gary 5 · 0⤊ 0⤋
move
2007-12-21 20:11:36 · answer #6 · answered by Wayne F 3 · 0⤊ 1⤋