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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4092
Experience:  35 years tax experience, including four years at a Big 4 firm.
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If I have stock holdings, and the IRS telling me I owe 15000.00

Customer Question

If I have stock holdings, and the IRS telling me I owe 15000.00 in back taxes for 2013, and am 9o,000.00 in cc debt, and owe 100,ooo.00 on my house can I use bankruptcy to relieve the situation without it affecting my holdings 130,000.00)?
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.
Hi from just answer. I'mCustomer and can assist.
Expert:  PDtax replied 1 year ago.
If you have stuck holdings in an IRA r 401(k), those would be exempt, v and bankruptcy would exempt those assets. The problem is bankruptcy won't discharge the 2013 tax debt. It's not old enough.
Expert:  PDtax replied 1 year ago.
I might consider some settlement negotiations with the credit card people first. A discount of 20% or more might be available, cleaning up the credit card
Expert:  PDtax replied 1 year ago.
I accepted the phone call offer, but it showed that I rejected your offer. I didn't. Sure issue. Can you send that request again?
Customer: replied 1 year ago.
I am aware of the IRS payments just not sure what assets would be exempt if I go the bankruptcy route
Expert:  PDtax replied 1 year ago.
Your stock holdings if in an IRA or 401(k) would be exempt. $50,000 Equity in your home, too.
Customer: replied 1 year ago.
my holdings are not in an IRA or 401k
Customer: replied 1 year ago.
I tried call me but not working
Customer: replied 1 year ago.
r u there?
Expert:  PDtax replied 1 year ago.
I'm here. Visit with grandchildren.
Your stock holdings will be used by the trustee to pay your tax debts and credit cards. You won't gain anything by filing.
Please advise if you need more follow-up. I apologize for the phone call feature not working. Site management is aware of the issue.
Positive feedback is appreciated. I'mCustomer

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