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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 45622
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I M on social security Due to a loss of job , I liquidated

Customer Question

I M on social security Due to a loss of job , I liquidated my 401 k in order to pay my bills . I am now only receiving social security. My home is 150,000 in the hole or i would have sold it. Not possible , so I rented it. Moved in with a friend and took a loss, I am waiting for a response to a modification. I filed for bankrupsey, and it is now discharged. The taxes were included due to the fact I qualified for them to be according to my attorney. Now I receive a certified letter asking for more then 15000. Wish is three thousand more then I originally owed. I paid them over 4000 during the last two years , the letter said they could take my house, car and social security. Any suggestion. What do I do now
Submitted: 2 years ago.
Category: Tax
Expert:  Richard replied 2 years ago.
Good afternoon. Is the letter from the IRS?
Customer: replied 2 years ago.
Yes. It is surprising because during the bankrupt, they did not bother me as I tried to pay this monthly. 350. A month. Lawyer Ssurred me it could be discharged in my case because of the tax laws. Maybe they don't know it is discharged
Expert:  Richard replied 2 years ago.

Thanks. XXX, X would first respond to them letting them know these taxes, according to your lawyer, were discharged in your bankruptcy. Include in your correspondence the documentation of your bankruptcy discharge which should include the taxes. Unless you notify them, they have no way of knowing. In this case, that would be the end of it. Two, if for some reason, they were not discharged, there are options available to you other than losing your home, your car, and your SSI. A taxpayer unable to pay the full amount of taxes due can deal
with the IRS in one of two ways: i) if the taxpayer can pay it within 60
months, the IRS will work out an installment payment arrangement with the
taxpayer; if the amount due is under $50,000, the taxpayer can do this on-line;
or ii) if not, the taxpayer would want to file an application for an Offer in
Compromise where the IRS will agree to forgive all or a portion of it that
can't reasonably be paid within the 60 month period. There is a step by step process for filing
the Offer in Compromise application, as well as the full details of the
program, in the IRS Offer in Compromise booklet which you can find at the
following website: www.irs.gov/pub/irs-pdf/f656b.pdf



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