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Posted in Taxes
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BelcantoMaestro

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Is settlement Possible with Large IRS Debt and Equity in my Home
I have been getting many solicitations for help on settling my IRS dept, which has accumulated over 6 years because of loss of income and inability to pay. I have owned my home since 1991 and have substancial equity. Does anyone have experience with working with tax laywers or consultants on debt settlement under such circumstances? I can now afford to pay muy current taxes, but it will be very difficult to pay back what I owe in the 6 years they allow. I am 57 and have no other savings or retirerment investments.

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Do NOT mortgage your house to pay a debt. You already owe the IRS. What if something else happened and you needed money? You could end up losing your house. Make sure your home is homsteaded too.  Find a reputable company or agent to help with your IRS debt. A CPA or tax firm can often steer you in the right direction. There are debt relief companies also.

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You will want to research the firms who offer tax settlement, find out if friends or relatives had any dealings that they can relay.   You will want to begin the process to get it taken care of as you will not have the equity in your home. The IRS will take the house in their tax settlement and the equity as well as the home will be theirs.

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