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My husband and I are building a home, he does not want my…

Customer Question
My husband and I...

My husband and I are building a home, he does not want my name on the deed since I owe federal taxes? What are my optins

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Virginia

Accountant's Assistant: Has any paperwork been filed?

No

Submitted: 4 months ago.Category: Tax
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12/7/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,997
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, on three continents, since 1986.

...

Please bear with me for a minute while I type your response.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Owning assets separately IS the best practice in a situation where back taxes are owed. IRS can attach accounts, real property, and other assets owned jointly for the tax debt of EITHER person.

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Doing this will keep a tax lien from being placed on the property. However, if you can get an offer in compromise completed and accepted, there would be no danger of that.

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Although a payment plan (the only other option for paying less that what you owe all at once) will not stop a lien from being placed to protect their (IRS') interest, they will NOT take any action to levy ot actually attach any assets as long as you are current on the payment plan

...

Please let me know what questions you have from here

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Customer reply replied 4 months ago
I have an agreement with the IRS and pay them on a monthly basis, I have brought the payments down to less than $6000.00
Customer reply replied 4 months ago
I would rather continue this way.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

They they MAY not place a lien, since you are acquiring the asset AFTER starting the payment plan. But placing liens while a payment plan is in place is very common.

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You could always do a quit-claim deed once the debt is paid, to convey the ownership interest to you

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Sorry, that automatic offer comes from the site ... not from me

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Customer reply replied 4 months ago
What is a quit-claim deed?
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

A quit-claim deed is a very simple document that allows someone to gift an interest (50% here) in property. As long as you're sure of clear title, there's no need for the full warranty deed.

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This doesn't create a taxable event (unless the gift is over 5,490,000) and is used by family members often to add someone to the title for a piece of property.

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Then name comes from the giver of the deed "quitting his claim" for some portion (or all) of a piece of real property.

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Customer reply replied 4 months ago
Thank you. I think I understand somewhat.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Yes, he just goes down to the county courthouse and files the deed. If you tell me what state you're in, I can point you to some samples

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago
Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Another option is to have the property owned in trust with you being a beneficiary (but that wouldn't really do any more than having you inherit through a will) other than potentially protecting the property from HIS creditors

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,997
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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