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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 12955
Experience:  B.A.; M.B.A.; J.D.
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Im trying to enter into an offer of compromise with the IRS

Resolved Question:

I'm trying to enter into an offer of compromise with the IRS on my personal taxes. The home I live in is owned by my corporation. I want to have if changed so my wife is the owner and cosigned by my corporation. She files her taxes individually. Is it OK to do this or better leaving it the corporations name.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 1 year ago.
Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.


I'm trying to enter into an offer of compromise with the IRS on my personal taxes. The home I live in is owned by my corporation. I want to have if changed so my wife is the owner and cosigned by my corporation. She files her taxes individually. Is it OK to do this or better leaving it the corporations name.


Response: You need to leave it as is. You could face problem of fraudulent transfer if you transfer the ownership to your spouse while you are in the middle of Offer in Compromise with the IRS. You do not want to open that can of worms. Things should be left status quo.

Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 12955
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and 5 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.


Can the IRS take thing that belong to the corporation

Expert:  Phillips Esq. replied 1 year ago.

Can the IRS take thing that belong to the corporation

Response: No. However, IRS would review all your assets in determining whether to accept your Offer-in-Compromise. Your interest in a corporation is part of your assets and would be part of that review. IRS would not take the interest per se because the corporation is a separate legal entity. However, your interest in the corporation would be factored in to determine whether your Offer-in-Compromise is reasonable. So, if you start transferring assets out of the corporation, this would not look good for you.

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