0
You want to give your child some real estate but he owes back taxes can the IRS take this real estate from him?
Wiki User
∙ 11y ago
Answer
The IRS, state, and local taxing authorities have the right to audit past tax returns and demand payment of back taxes, plus interest and penalties.
In general, if the homeowner fails to pay the back taxes owed within the specified period of time, the properties are typically sold for the back taxes, and anyone can buy them.
However, Once you have purchased a house by paying the back taxes, there is a period of time where the homeowner has the right to catch up with the payments and pay you back your investment and interest. If that doesn't happen, you (New Owner) own the property free and clear and can evict the former homeowner.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Can estate taxes be done with an attorney?
Estate taxes are usually done with a tax attorney. So, yes, estate taxes can be overseen by an attorney who deals with taxes. Calling a tax attorney will better give you an understanding of how the process works.
Can you give debt and taxes to your sis after death?
You do not 'give' debt to anyone. Your estate will have to resolve the bills, not your sister.
If husband is in prison when you file my taxes will they give it to his back pay for child support?
Yes, but you can file a form to get your part. See links
Do you give taxes or get taxes?
You GIVE taxes to the government. The money comes from what you've earned. You can also GET your taxes back in certain situations like, if you're a student in school.
What amount can a parent give to a child without being required to pay gift taxes in 2011?
The amount a parent can give to a child without being required to pay gift taxes is $13,000.00.
What is the ammount a parent can give to a child without being required to pay gift taxes?
You can give $13,000 in 2009 (the number changes most years) without having to report it or file a gift tax return. If you give more than that, you have to file a gift tax return. The excess over $13,000 is subtracted from both your lifetime gift tax allowance and from your estate tax allowance. Once your $1 million lifetime gift tax allowance is used up, you have to start paying gift taxes. Once your estate tax allowance is used up, after your death your estate will have to pay estate taxes. Note that tuition paid directly to an educational institution or medical bills paid directly to a medical services provider on behalf of your child (or anyone else) do not count. You can pay as much of either of those as you want and it will not count against your annual or lifetime limits.
How do you save my parents money from estate tax after they die?
Federal estate tax doesn't kick in until the estate is worth $3.5 million. State taxes vary by state, of course.The key to avoiding estate taxes is careful planning before they die.One way to avoid estate taxes is by setting up irrevocable life insurance trust (this has to be done at least three years in advance).Another method is for parents to make gifts to children (each parent can give up to $13,000 a year to each child) in advance.A third method is to set up an elaborate scheme called a "Crummey Trust". This requires lawyers and accountants who specialize in this sort of thing.
Are there taxes in Dominican Republic?
Yes, but you dont have to report it, and doesnt give taxes back. The taxes are called ITBIS and are paid indirectly when you buy product and services.
How much is the tax on a pack of cigarettes in California and can you deduct that tax on your taxes?
Are you on drugs? You want the government to give you back the taxes you pay on cigarettes? You realize that the reason the taxes are so high is mainly as a deterrent to smoking, as well as to generate revenue. Why would they give you this money back!!
What are the release dates for Dr- Phil - 2002 Give Me Back My Child?
Dr- Phil - 2002 Give Me Back My Child was released on: USA: 12 December 2013
Could Parents that put ther children up for adoption ever adopt them back?
The only way birthparents could adopt their child back is if the adoptive parents put the child up for adoption and agreed to give the child back to the birthparents. Once the child is adopted, the birthparents cannot force the parents to give the child back.
Is it illegal to give child support money back to the payer?
no
