Posted on: 09th Nov, 2009 12:08 pm
My mother's home has a lien. My mother has an agreement with the IRS. She can stay in the house and the IRS will assume ownership after her death. There is also 60,000 due in property taxes. I am hoping to buy the home but the IRS is asking for 150K and with the 60K in back taxes, that's quite and amount for a house that is need of major repairs. Any chance the IRS will take a loss and let the State of Texas collect its taxes?
Hi jflanagan,
I don't think IRS will take the loss in any way. If you want to buy back the property, then you'll have to pay $150k to the IRS and also the $60k in back taxes. Both the state and the IRS have the rights to collect their dues from you. If you cannot pay it, the IRS will get the ownership of the property.
Thanks
I don't think IRS will take the loss in any way. If you want to buy back the property, then you'll have to pay $150k to the IRS and also the $60k in back taxes. Both the state and the IRS have the rights to collect their dues from you. If you cannot pay it, the IRS will get the ownership of the property.
Thanks