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Old 07-30-2016, 03:39 PM
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Location: native Texan
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Disputing back taxes owed to IRS during the process of selling my primary (and only) residence (which is registered as my "homestead" here in Texas)

An IRS lien has not yet been placed on my primary residence here in Texas, which I am in the process of selling and which I have signed a contract with the new buyer. Once I go to Closing, what will happen if i take cash proceeds from the sale of my primary residence (which is my only residence and the only asset that I own-I don't even own a vehicle) and if I purchase gold or silver coins/or ingots and hold them in a personal safe and not in a bank? I am disabled and the only income I receive and which I am able to live on, is a monthly direct deposit of $1885.00/month (after my Medicare gets automatically deducted) leaving me an annual income of $22,620.00/year (which is before Federal Income Tax is deducted). Thank you for your input and taking the time to share your advice with me. Kindest regards, BLG77047



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Old 07-31-2016, 10:39 PM
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An IRS lien has not yet been placed on my primary residence here in Texas, which I am in the process of selling and which I have signed a contract with the new buyer. Once I go to Closing, what will happen if i take cash proceeds from the sale of my primary residence (which is my only residence and the only asset that I own-I don't even own a vehicle)============>> The general rule is that the IRS, has 10 years from the date the tax is assessed to collect any unpaid balance, including the applicable penalties and interest that continue to accrue. The date of assessment can be found by asking the IRS for transcripts of his accounts for each year that you owe.unless you have the money to pay current bills, much less the IRS, you may want to consider filing an offer in compromise, to dismiss or reduce the outstanding debt. The OIC process is not so easy, but I've heard the IRS is getting more helpful in guiding taxpayers through the process when they can't afford a representative



unless you pay back taxes to IRS, the IRS can take your house since you owe back taxes to IRS; but the Taxpayer's Bill of Rights discourages the IRS from seizing your primary residence. Also, the IRS doesn't like the negative publicity generated when it takes a home. Furthermore, IRS collectors cannot decide on their own to seize your home. The IRS must first get a court order, which you can contest.
Nevertheless, if the IRS collection division has tried and failed to get any cooperation from you (for example, if you have not answered correspondence or returned phone calls, lied about your income, or hidden your assets), the IRS may go after your residence as a last resort.


and if I purchase gold or silver coins/or ingots and hold them in a personal safe and not in a bank?=====>>>>As mentioned previously, you with outstanding tax debts are subject to a levy on assets and income sources, including your Social Security benefits. the IRS may levy upon your Social Security benefits via the automated Federal Payment Levy Program or by a manual levy. Under the FPLP, the IRS is able to levy up to 15% of your Social Security benefits each month; there is no similar restriction on how much the IRS can receive from manual levies. There is an exemption amount, however, for reasonable living expenses.


I am disabled and the only income I receive and which I am able to live on, is a monthly direct deposit of $1885.00/month (after my Medicare gets automatically deducted) leaving me an annual income of $22,620.00/year (which is before Federal Income Tax is deducted). ==========>>>>>>
As mentioned above. You may visit the web site here for more info; https://www.irs.gov/pub/irs-pdf/p4418.pdf



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