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taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 635
Experience:  Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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If I transfer my business into my wife s name then it would

Customer Question

If I transfer my business into my wife s name then it would be possible that state might come after for my back taxes ?? As we file a joint tax return.
Submitted: 3 years ago.
Category: Tax
Expert:  taxmanrog replied 3 years ago.

Welcome to Just Answers! Thank you for giving me the opportunity to assist you! I will do my best to help!


You have to be very careful when you transfer assets between you and your wife. First of all, if you transfer assets in an effort to hide them from tax authorities, you are committing a crime. It is tax fraud. And it may not work anyway!


If you file a joint return, both you and your wife are liable for 100% of the tax. So the IRS and the state can come after both of you for 100% (not 50%) of the tax. The assets that each of you own are fair game for the IRS and the state tax authorities to come after. So you transferring a business to your wife would not achieve any safety for your assets as long as you file a joint return.


I hope this answers your question! If you have any more, please feel free to ask away! If you have found my answer helpful, please rate me highly, I would appreciate it!


Have a great week!



Expert:  taxmanrog replied 3 years ago.
Hi! I am just following up on my answer to you. You did not reply to me. Did you have any more questions? Was everything clear? If you need any clarification for this question, please let me know.

If my answer was helpful, please rate me highly, as this is how the question is closed.

Again, thanks!

Have a great weekend!