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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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we inherited a bene IRA. At the time we were homeless, so we

Resolved Question:

we inherited a bene IRA. At the time we were homeless, so we used 70K to buy a home, not realizing at the time that we would have to pay income tax on this money. We do not have the money to pay the taxes. What can we do. Will IRS take our new home away from us?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Lev :

Hi and welcome to Just Answer!
Sorry for your situation.
While legally the IRS may take your property to satisfy the tax debt - that is very unlikely.

Lev :

Most likely - the IRS will register a lien on your home - and you will not able to sell or refinance it without approval of the IRS.
The best you may do - negotiate installment payment plan with the IRS.

Lev :

You can make monthly payments through an installment agreement if you're not financially able to pay your tax debt immediately. Before you apply:



  • File all required tax returns;

  • Consider other sources (loan or credit card) to pay your tax debt in full to save money;

  • Determine the largest monthly payment you can make ($25 minimum); and

  • Know that your future refunds will be applied to your tax debt until it is paid in full.


Fees for setting up an installment agreement:



  • $52 for a direct debit agreement;

  • $105 for a standard agreement or payroll deduction agreement; or

  • $43 if your income is below a certain level.


Apply for an installment agreement


Customer:

will they let us refinance it to get the funds to pay them off?

Customer:

and will they give us time. because we filed bankruptcy before, we canot get refinanced until 1.5 years after this years taxes become due in 2014

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22990
Experience: Taxes, Immigration, Labor Relations
Lev and 4 other Tax Specialists are ready to help you
Expert:  Lev replied 1 year ago.
If your application for installment agreement will be approved - and you will be current with your payments - none of your income or assets will be garnished.

To keep your account in good standing:

  • Pay at least your minimum monthly payment when it's due (direct debit or payroll deductions make this easy);
  • Include your name, address, SSN, daytime phone number, tax year and return type on your payment;
  • File all required tax returns on time;
  • Pay all taxes you owe in full and on time (contact us to change your existing agreement if you cannot);
  • Continue to make all scheduled payments even if we apply your refund to your account balance; and
  • Ensure your statement is sent to the correct address.
Expert:  Lev replied 1 year ago.

An installment agreement is an option for those who cannot pay their entire tax bills by the due date. Penalties are reduced, although interest continues to accrue on the outstanding balance. In order to qualify for the new expanded streamlined installment agreement, a taxpayer must agree to monthly direct debit payments.

Taxpayers can set up an installment agreement with the IRS by going to the On-line Payment Agreement (OPA) page on IRS.gov and following the instructions.
These changes supplement a number of efforts to help struggling taxpayers, including the “Fresh Start” program announced last year. The initiative includes a variety of changes to help individuals and businesses pay back taxes more easily and with less burden, including the issuance of fewer tax liens.

Taxpayers who owe up to $50,000 in back taxes will now be able to enter into a streamlined agreement with the IRS that stretches the payment out over a series of months or years. The maximum term for streamlined installment agreements has also been raised to 72 months from the current 60-month maximum.

 

The IRS announced plans for new penalty relief for the unemployed on failure-to-pay penalties, which are one of the biggest factors a financially distressed taxpayer faces on a tax bill.

The penalty relief will be available to two categories of taxpayers:

  • Wage earners who have been unemployed at least 30 consecutive days during 2011 or in 2012 up to the April 17 deadline for filing a federal tax return this year.
  • Self-employed individuals who experienced a 25 percent or greater reduction in business income in 2011 due to the economy.

Let me know if you need any help.

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Lev
Lev
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Taxes, Immigration, Labor Relations