irs question

[valk]

What is the name of your state? tennessee this year

my husband owes inheritance taxes in the sum of $40k +
he put it all into a business and lost the business...to make a long story kinda short...
We have tried to settle this and hired an accountant who charged us $10,000 to do our taxes, then we hired jkharris to do our taxes which cost us another $4500.
It was presented for an offer in compromise but the irs just sent us a letter that because we refused to send some paperwork to them they have closed the case.
We couldn't get the information in time. IT is very hard and we have moved 5 times and the original stuff is from Georgia. so we have things scattered but the real question not is.

When these taxes occured my husband now was married to his ex wife still.
1999 . We didn't get married until 2004 although we did file everything together.
can they take things in my name to pay for those back taxes? or my paychecks since we are married now? OR would they take his ex's checks also?
(there is a little more then inheratance taxes only)

and also i have heard that if he owes back taxes he cannot get ssi when he retires, is that true? They can take money out of his ssi checks after 65 years old.

thank you for any information.

 

[Zigner]

How did your husband owe "inheritance" tax?'
Maybe your husband has more to the story...

 

[LdiJ]

What is the name of your state? tennessee this year

my husband owes inheritance taxes in the sum of $40k +
he put it all into a business and lost the business...to make a long story kinda short...
We have tried to settle this and hired an accountant who charged us $10,000 to do our taxes, then we hired jkharris to do our taxes which cost us another $4500.
It was presented for an offer in compromise but the irs just sent us a letter that because we refused to send some paperwork to them they have closed the case.
We couldn't get the information in time. IT is very hard and we have moved 5 times and the original stuff is from Georgia. so we have things scattered but the real question not is.

When these taxes occured my husband now was married to his ex wife still.
1999 . We didn't get married until 2004 although we did file everything together.
can they take things in my name to pay for those back taxes? or my paychecks since we are married now? OR would they take his ex's checks also?
(there is a little more then inheratance taxes only)

and also i have heard that if he owes back taxes he cannot get ssi when he retires, is that true? They can take money out of his ssi checks after 65 years old.

thank you for any information.

Anything that you own separately is safe, anything that you own jointly with him is at risk. Your paycheck is safe if its deposited into an account in your name only, its not safe if its deposited into a joint bank account.

Keep your finances 100% separate until his tax issues are resolved. It would also probably be in your best interest for the two of you to get a joint consult with a local tax attorney. I agree with the other poster that you may not have all the details, and even if you do, you really need a tax professional to lay it all out on the line for you.

 

[irsos]

Owing taxes does not prevent you from drawing Social Security. Furthermore, the most they can levy on it is 15%. They will not do that if you make arrangements with the IRS.

 

[LdiJ]

Owing taxes does not prevent you from drawing Social Security. Furthermore, the most they can levy on it is 15%. They will not do that if you make arrangements with the IRS.

I am not sure that I agree that all they can levy is 15%. I have a client who is being levied 400.00 a month, and I know that's more than 15%, although I don't remember for sure how much SS he is receiving.

 

[irsos]

I am not sure that I agree that all they can levy is 15%. I have a client who is being levied 400.00 a month, and I know that's more than 15%, although I don't remember for sure how much SS he is receiving.

If you are drawing SS and fail to make arrangements with them, they will issue a CP-91 notice - Final Notice Before Levy on Social Security Benefits. Quoting the text of a CP-91: "The law allows the IRS to take up to 15% of your benefits to pay your liabilities."

 

[valk]

owed taxes

From what i understand his father left him some money. when he got that money he put it into a business which he lost everything on that business.
He paid all the business taxes and stuff.
but i think the biggest majority of these owed taxes were from the inheretance.
Stocks and bonds and such that were cashed in to pay for the business, and he was going to pay the taxes with the profits but there were never any profits.

Like I said though he was still married to his ex wife when all this occured!
Can they go after her checks too? Or just his?

And also after we had gotten married in 04 is when i started all this tax stuff to get it off our heads so we did file all this stuff together.
Which was probebly a mistake i am thinking cause they can probebly go after something of mine?

Would my stuff be safer if I had my mother sign stuff with me. Just me and my mother or daughter?
I don't own much but my car and my bank account which isn't much either. $1000 maybe.
and i would gladly use it to pay the taxes if it went for that and not just taken.

thank you for all your answers!

 

[irsos]

From what i understand his father left him some money. when he got that money he put it into a business which he lost everything on that business.
He paid all the business taxes and stuff.
but i think the biggest majority of these owed taxes were from the inheretance.
Stocks and bonds and such that were cashed in to pay for the business, and he was going to pay the taxes with the profits but there were never any profits.

Like I said though he was still married to his ex wife when all this occured!
Can they go after her checks too? Or just his?

And also after we had gotten married in 04 is when i started all this tax stuff to get it off our heads so we did file all this stuff together.
Which was probebly a mistake i am thinking cause they can probebly go after something of mine?

Would my stuff be safer if I had my mother sign stuff with me. Just me and my mother or daughter?
I don't own much but my car and my bank account which isn't much either. $1000 maybe.
and i would gladly use it to pay the taxes if it went for that and not just taken.

thank you for all your answers!

If you are talking about the IRS, then your husband is simply not telling you the truth. There is NO inheritance tax at the federal level. There is an estate tax if the estate exceeds $2,000,000 but that is due from the estate - not the heirs.

 

[LdiJ]

From what i understand his father left him some money. when he got that money he put it into a business which he lost everything on that business.
He paid all the business taxes and stuff.
but i think the biggest majority of these owed taxes were from the inheretance.
Stocks and bonds and such that were cashed in to pay for the business, and he was going to pay the taxes with the profits but there were never any profits.

Like I said though he was still married to his ex wife when all this occured!
Can they go after her checks too? Or just his?

And also after we had gotten married in 04 is when i started all this tax stuff to get it off our heads so we did file all this stuff together.
Which was probebly a mistake i am thinking cause they can probebly go after something of mine?

Would my stuff be safer if I had my mother sign stuff with me. Just me and my mother or daughter?
I don't own much but my car and my bank account which isn't much either. $1000 maybe.
and i would gladly use it to pay the taxes if it went for that and not just taken.

thank you for all your answers!

Its not inheritance tax that he owes. Its capital gains tax from selling stocks and bonds that he inherited, and perhaps ordinary income tax for cashing out an IRA. (if there was one involved)

The sad thing is, is that if he had handled things properly from the start, he might not have owed any taxes at all, and then he got sucked into paying tons of money to companies who did nothing to help him. He would have had a stepped up basis in and stocks, bonds or other assets he sold, so there should have been little capital gain, and any business losses should have offset at least a great deal of any ordinary income tax due on a cash out of an IRA or other similar asset.

I bet he has no records at all of the business's expenses, right?

Take him to consult with a local tax professional. A local office that is open all year long, and NOT some company like JK Harris.

However, as long as you do not own anything jointly with him, keep your money and your bank accounts completely separate, and don't file a joint return with him, your money and your assets are safe. Filing a joint return with him does nothing more than put your refund at risk. That doesn't put your assets or your bank account at risk.

Again, please take him to consult a local tax professional. Again, in an office that is open all year long.

 

[valk]

thank you

thank you for replying,
that helped alot! I appreciate all the answers!
thanks again