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| *Ostroff, Fair and Company>>>United States Taxes |
Can the i.r.s take your home if you owe 14,000.00? |
Can the i.r.s take your home if you owe 14,000.00? I have heard that they can't take your primary residence or your car. I would sell anything more than that to get them paid off. If you are married and have 2 cars, they see that as unecessary and can take the second car. Good Luck! Generally, they don't like taking homes but they can. They will, however, place a lien against the home if you do not pay the taxes. The lien will effect you if you want to sell the home and it will probably show up on your credit report. Do want you have to do to pay this off. $14k can easily turn into $20-25k with penalties and interest in a little while. The I.R.S. can take anything of value. They can attach bank accounts, seize property , file liens and garnish wages. The bad thing is they can do this before they even prove that you actually owe them anything. You need to consult a tax attorney. Or one of those places that will help you get a lower payoff. They can but that is generally a last resort. While the IRS can and probably will place a tax lien on your home there are many other ways that they can get their money before taking your home. Capture tax refunds, garnish wages, seize bank accounts, etc. are all much earlier steps with a much quicker return for the IRS. If they put a tax lien on your home that doesn't mean that they'll automatically seize it, though. Most of the time they'll wait patiently for you to sell. They'll get their money when you do! |
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