Posted on: 09th Jun, 2010 07:07 pm
we owe the irs a large sum of money from the 2008 tax year. We own a home, but my mother is the main owner and we quitclaimed our names to the house, because of her age. But can they take the house even though her name is the owner. The house was bought for $285,000, we owe $165,000 and the house is now worth about $180,000. My mother does not know about owing the irs. We always paid our tax bills because we took money out of our 401k, but then there was no money left, not even for ourselves. Husband and I both work minimum wage jobs now. Him full time, me part time. We currently fall under the low income. Have no health insurance or hidden assests. We do not receive any government assistance. We are 58 and 56 years old, so the chances of getting better jobs is not good. We are familiar with OIC, but can only offer $1,000 to be made in payments over 2 years. It is hard coming up with the 20% first installment. We are not sure if the house will be considered ours, and could it be possible for us to take our names off the deed. Can't afford no attorney. Tax bill started at $54,000 and now is much more due to interest. Any suggestions or help?
Welcome oreo,
As your names are mentioned on the property deed, you and your husband will be considered as co-owners of the property. Thus, the IRS will be able to place a lien on your property if you do not pay the dues. You can speak to the IRS and get a payment plan from them to pay off the loan. You will have to negotiate with them so that they give you an affordable repayment plan in this regard.
As your names are mentioned on the property deed, you and your husband will be considered as co-owners of the property. Thus, the IRS will be able to place a lien on your property if you do not pay the dues. You can speak to the IRS and get a payment plan from them to pay off the loan. You will have to negotiate with them so that they give you an affordable repayment plan in this regard.