Close to a Foreclosue with an IRS Lien and want to transfer it to a friend or relative?
You can not avoid having your property foreclosed on by transferring it to a friend or relative. If you don’t receive an amount substantially equal to the fair market value of the property, give or take 10%, the IRS (or other creditor) can still put a lien on the property. That’s what happened in Denise Cook (2003-1 USTC 50,242; U.S. District Court, East.
Dist. Calif.). The Court held that the IRS could foreclose on property that was transferred to another part for a nominal amount.
Contact the Accounting, Tax and Business Consulting firm of Robert C Olivieri, Jr. PC with any IRS problems, tax liens, tax levies, tax notices or if you are behind on filing any individual, business or payroll tax returns. We have over 30 years experience in dealing with various governmental agencies.
We have CPA’s on staff to handle your most challenging tax situations. We have flexible hours and are available most weeknights and weekends. Do not hesitate! You may be entitled to a tax refund. Call Bob, almost anytime, at 215.943.3296 for resolution of your IRS tax matters.
