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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
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Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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I owe a toal of $20,000 back taxes to the IRS from employment

Resolved Question:

I owe a toal of $20,000 back taxes to the IRS from employment in 1995 ,1996 ,& 1997. If i have a home, Vehicle and land loan that has a co-signer Can the IRS seize property.
Submitted: 8 years ago.
Category: Tax
Expert:  Ed Johnson replied 8 years ago.

Dear Chadahill,


Thank you for your question.


The IRS may place a lien on any property that you own regardless if there is a co-signer on the loans. If you are a joint tenant or owner, that is the co-signers name is XXXXX XXXXX the titles and deeds, the IRS may place a lien on your ownership interest in the property. If you are not a tenant in the entity or a tenant in common, then they can force the sale of the property and split the money according to the ownership interest and offset your share with tax debt.



NOTE: in realestate you can only be a tenent in the entirety if you are married to the other owner.


NOTE: for tenents in common the lien remains in place until the property is sold and will survive you even in death as the property is passed to heirs.



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