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Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 6851
Experience:  30+ yrs. representing small business, real estate, probate
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I have a order for supplemental proceedings against me. I

Customer Question

I have a order for supplemental proceedings against me.
I have to answer questions about assets or fill out a questionnaire like this one:

http://www.utcourts.gov/howto/judgment/supplemental_proceedings
/docs/03_Answers_to_Questions_About_Debtors_Property.pdf

My question is this: If I am owed $10,000 in tax refunds by the IRS, but have yet to file a claim for them is this something I have to divulge? Is it permissible to let the tax refund sit unclaimed for a year while I settle with the creditor? Or do I have to list it as an asset on the answers to questions about proeprty?
Submitted: 4 years ago.
Category: Business Law
Expert:  Irwin Law replied 4 years ago.

The pro supp answers are done under oath. Either answer them truthfully, or don't answer them at all, and try to negotiate your settlement without that disclosure.

 

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Customer: replied 4 years ago.

I appreciate the info, but my question was specifically about whether unclaimed tax refunds have to be listed as an asset.

Expert:  Irwin Law replied 4 years ago.

Yes. If you know it's owed. It's like accrued interest, it's reportable even though it hasn't been paid out to you yet. But possibly "no" if you haven't filed the returns yet on which the refunds would be due you. This is my educated guess. Please don't me ask for legal references on these minuscule points. I would have no idea where you would find them in case law.

 

***I have answered your question. Please click on a 3,4,or 5 rating so that I will be compensated. If you are not satisfied with this answer, please send me a Reply with what you feel is wrong with the answer and what additional information you are seeking.
Clicking on number 1 or 2 is not necessary in order for me to explain my Answer. BONUSES for quick and helpful responses are very appreciated. If you have additional questions, I would be happy to assist, but as a courtesy I respectfully an approval rating for the original question before you branch off into other new questions.
Also, this answer does not create an attorney client relationship and you are urged to consult a local attorney to verify the accuracy of this answer according to your state's laws and local customs and practice.

 

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