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Thank you very much. What about a vehicle that we bought…

Thank you very much Carter.What...
Thank you very much Carter.What about a vehicle that we bought under my name because I am the one that had the good credit before.
I did not want to declare it because it is my daughter's car and she makes the payments. IRS OIC officer is asking me for
copy of purchase contract and wants to include the value of the car in collectible monies available to pay my OIC, even I explained to him that she is the owner of the vehicle even though the DMV shows me as the registered owner. What code can I use to defend my position? Kindly advise.
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Answered in 1 minute by:
12/14/2017
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,276
Experience: Adjunct Professor
Verified

You cannot really defend that position. The car is in your name so it needs to be declared on the 433. Sorry it probably is not the answer you were looking for.

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Customer reply replied 7 months ago
Even if I have proof of my daughter making the payments?

Yes because the asset is in your name. So, technically if the IRS wanted to they could seize the car, even with her making the payments. They most likely will not do that though unless you are totally uncooperative with them.

Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,276
Experience: Adjunct Professor
Verified
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Customer reply replied 7 months ago
Thank you Carter.Great answers!
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