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Old 07-05-2010, 05:02 AM
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Federal Income Tax Lien on Property/Partnership

Hello,
I own a condo in Utah with a partner. I am 30% owner and he is 70% owner. It is for sale. He owes federal income taxes and there is a lien on the property. When it sells, can the gov't take everything above the loan balance to pay the taxes, including my 30%? I don't know how I could be responsible for any part of his income taxes. I have been told by a real estate agent that the gov't doesn't care about my portion and will take whatever is left after the loan balance is paid. Could anyone clarify this for me? And offer me any additional advice? Thank you!



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Old 07-06-2010, 12:16 PM
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I am not sure about your situation, but, it would be best to consult a Tax Attorney in your area who is an expert in this area. As it is a legal issue, I would not like to comment! When it comes to the IRS anything is possible!!!

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