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Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 540
Experience:  Tax attorney and accountant
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I owe federal and state taxes and am looking to cash in some

Customer Question

I owe federal and state taxes and am looking to cash in some treasury bonds i inherited. They are in my grandmothers name OR my mothers name. My mother passed before my grandmother.... anyway. Im wondering if the irs or state of NY can take the money? I went to my bank and they are having me fill out form 5336. I am wondering if they can take the money from me?
Submitted: 11 months ago.
Category: Tax
Expert:  Mark Anderson replied 11 months ago.
If you owe money to the IRS then they can collect from money you own.
Expert:  Mark Anderson replied 11 months ago.
https://www.irs.gov/uac/Ten-Tips-for-Taxpayers-Who-Owe-Money-to-the-IRS
Expert:  Mark Anderson replied 11 months ago.
https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eeredeem.htm
Expert:  Mark Anderson replied 11 months ago.
http://tax.findlaw.com/tax-problems-audits/ten-things-to-remember-when-you-owe-the-irs.html
Customer: replied 11 months ago.
I understand they can take my assets but is it common for them to just take the money once I attempt to cash them in? The Federal lien was filed around 2007 and the NYS one is in judgement as we speak just as of recently. Is there anything I can do to prevent them from just taking all the money should I choose to cash in the savings bonds? Setup a payment plan maybe? I'm just in a bind right now and do not want to cash them in yet but desperate times call for desperate measures.
Expert:  Mark Anderson replied 11 months ago.
Have you asked the bank where you cash them in? Can you have someone else cash them in?
Customer: replied 11 months ago.
I did ask the banker but she did not have an answer for me. And because of the main listed person on the bonds was my grandmother, died before my mother, they are having me send in form... So I don't know if this makes it easier for them to see first being that it gives them more time to see that I owe etc. I can't just stop in and can them as if they were made out to myself.
Customer: replied 11 months ago.
Should I go to another branch and ask around ?
Expert:  Mark Anderson replied 11 months ago.
It does not say on the form:https://www.treasurydirect.gov/forms/sav5336.pdfSure.

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