Posted on: 12th Nov, 2008 03:04 pm
If I put my home in my daughters name, can the IRS still place a lien on the property? Or should I 'sell' it to her to make it legal?
Hi pearlqueen!
If you sell the property and immediately pay off the tax liens with the sale proceeds, then the IRS will give you a Discharge Certificate. However, if you sell the property and do not pay off the tax liens, then you can be penalized for it. IRS may seize your property, seize your bank account, garnish your wages and take money from the accounts receivable of your business. It may also ask you daughter to pay off the taxes. Moreover, it will also hamper your credit.
Thanks.
If you sell the property and immediately pay off the tax liens with the sale proceeds, then the IRS will give you a Discharge Certificate. However, if you sell the property and do not pay off the tax liens, then you can be penalized for it. IRS may seize your property, seize your bank account, garnish your wages and take money from the accounts receivable of your business. It may also ask you daughter to pay off the taxes. Moreover, it will also hamper your credit.
Thanks.