Real Estate Law
Ask a Real Estate Law Question, Get an Answer ASAP!
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.
Can the IRS take thing that belong to the corporation
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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).