Posted on: 12th Nov, 2008 03:11 pm
If I put my house in my daughters name can the IRS still lien it,or sell it for back income taxes?
Hi pearlqueen!
Welcome to forums!
If the income taxes are due and you transfer the property in your daughter's name, it will be considered as a fraudulent transfer and you will be penalized for the same. You will have to first pay off the taxes and then transfer the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If the income taxes are due and you transfer the property in your daughter's name, it will be considered as a fraudulent transfer and you will be penalized for the same. You will have to first pay off the taxes and then transfer the property.
Feel free to ask if you have further queries.
Sussane
Hi Pearlqueen,
I don't think putting your daughter's name on the deed can stop the IRS from placing a lien. They'd rather consider it as a fraud and you may have to face a penalty of some sort. I think the IRS will retain the right to sell the property in a tax lien sale and recover the back taxes.
good luck
I don't think putting your daughter's name on the deed can stop the IRS from placing a lien. They'd rather consider it as a fraud and you may have to face a penalty of some sort. I think the IRS will retain the right to sell the property in a tax lien sale and recover the back taxes.
good luck
i didnt file taxes for 5 years on my small bussiness that grossed money but after deductions showed a loss. what should i do to file and can i protect ma assets before i start to file?
You will have to inform the IRS about the losses. I would suggest you to contact a tax advicer and get his opinion.