What is the name of your state? Oregon
OK, I have a friend who is 72 years old. In 1990, and maybe actually years before that, he made the decision that he was not going to file any tax returns. True to his word, he has not filed tax returns. In 1990, he sold a home. Because he did not file his return, the IRS said his cost basis in the house was $0 and his sale price was $198,000 and he was taxed on $198,000. My friend ignored the IRS and penalties and interest accumulated. In early 2004 my friend became ill and is now in a nursing home. His brother sold another house my friend had in late 2004 and the IRS had a lien on the home and subsequently tool their money. We are talking $50,000.
AS it turns out, my friend could have back in 1990 taken a one time examption on the sale of a home because he was over 55 years old. I had my accountant fill out a tax return for my friend for 1990 and it was filed.
What is the chance of getting all or a large majority of this money back?
OK, I have a friend who is 72 years old. In 1990, and maybe actually years before that, he made the decision that he was not going to file any tax returns. True to his word, he has not filed tax returns. In 1990, he sold a home. Because he did not file his return, the IRS said his cost basis in the house was $0 and his sale price was $198,000 and he was taxed on $198,000. My friend ignored the IRS and penalties and interest accumulated. In early 2004 my friend became ill and is now in a nursing home. His brother sold another house my friend had in late 2004 and the IRS had a lien on the home and subsequently tool their money. We are talking $50,000.
AS it turns out, my friend could have back in 1990 taken a one time examption on the sale of a home because he was over 55 years old. I had my accountant fill out a tax return for my friend for 1990 and it was filed.
What is the chance of getting all or a large majority of this money back?