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If I have stock holdings, and the IRS telling me I owe 15000.00

Customer Question
in back taxes for 2013...
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: 2 years ago.Category: Tax
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7/6/2015
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,773
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from just answer. I'mCustomer and can assist.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years 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.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years 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
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years 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?
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Customer reply replied 2 years ago
I am aware of the IRS payments just not sure what assets would be exempt if I go the bankruptcy route
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
Your stock holdings if in an IRA or 401(k) would be exempt. $50,000 Equity in your home, too.
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Customer reply replied 2 years ago
my holdings are not in an IRA or 401k
Customer reply replied 2 years ago
I tried call me but not working
Customer reply replied 2 years ago
r u there?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years 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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PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,773
4,773 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

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