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Assets
- I have an elderly client with no future income. They owe $86,000 but have $900,000 of equity in their home. Can I explain to the IRS that they cannot get a mortgage, so the IRS should ignore the equity in the home and accept an Offer?
- What if only one spouse owes the back tax debt, the spouses live in a community property state but have real estate in a separate property state?
- If a client pulls equity out of their house before the tax returns are assessed and pays off their credit cards, will the IRS look at that as fraud?
- If a taxpayer takes a loan against their assets for the Offer, like a home equity line or a 401(k) loan, can they deduct the loan repayment against their future income?
- Is money in a 529 account includible as an asset for an Offer?
- I have a client that suggested he could make his cash in the bank disappear. Is it okay or would the IRS suspect something?
- The Offer Specialist we are dealing with is adding in the PPP Loan Forgiveness as an asset for purposes of their Offer. Is this correct?
- My client has an EIDL loan from the federal government and the IRS claims they can take the amount available and use it to pay their debt, and so are including it in their Offer calculation. My understanding is that the IRS does not require you to take loans to pay them. Can you confirm this, and what should I respond with?