Reply to R. Greg Paszkiewicz's Post: How did I arrive there? <laughing< How long do you have? I had two houses sold last year. I had bought one before selling the other (at the advice of a socalled business advisor) and ended up paying two mortgages for almost two years. The first one didn't sell for tht long because of a downturn here in real estate, and it was a very unusual house that took a special family. There was a fierce market at the time. I ended up selling them both last year...one I hadn't lived in so it wasn't my primary residence, and one that WAS my primary. I netted about 70,000 on the sale of the first one. I had 39,000 in alimony (which was actually a property
settlement with my ex, concerning a business had run for more than twenty years.) Anyway, the 70, 000 plus the alimony put me in a higher tax bracket. Now, the 70,000 went directly to my mother to repay her for the loan of the downpayment. At no time (and this is undoubtedly my fault) did I realize what a large tax there would be, and even now, my tax guy told me he should have set me up with quarterlies
last year but didn't.In the meantime, (are you still with me here?!?!?) I became too disabled to work and had to quit last October. To top it all off, my alimony ended. So now I'm sitting here, waiting for disability
to be approved, with no income, no savings because I gave it all to my mother, and a $17,000 combined tax liability. I also have an adult son who is developmentally delayed and lives in a Goodwill home. His housing is paid by SSI etc, but all of his pocket mony has come from me. There is no involvement at all with his father, so there is no help for him from that quarter. I also have twin 21 year olds, who have been quite the drain on the economy here!
My first thought was to file for an extension
, but I feel like I should have another person look at it. He also mentioned that I could get a payment plan and just pay a mininal amount every month for .....probably the rest of my life!!! I haven't heard of an offer in compromise....what are the criteria for that? What are the chances of that working for me? How much might they settle for? I'd appreciate any help you can give me.....how do I sign you back on for another question???? I can afford at least another payment....maybe even go as high as $10!!! <grin> Please be in touch...I feel like the compromise situation might have a chance at working. Thank you very much.