• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

offer in compromise

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.



What is the name of your state? IL
i am considering submitting an offer but as i look over the publication for it and do the numbers, it looks like some of my expenses will exceed the irs limits. i am not living in luxury!
i have been told that the irs will work with people filing an offer, but is it true, will the give you a little more of your own money if you need it?

also, one thing i am not understanding is the equity thing when applied to a car, called an asset. if a person is making payments on a car, they can have no equity in the car until they pay it off and the only way it has cash value is if you sell it. but if a person needs the car to get to work, it is not a luxury car, then they cannot sell it. this car equity thing to me seems like legal fiction.
look at it like this, if a person had 20 credit cards which had a million dollars credit limit, regardless the person is not a millionaire & does not have a million dollars to pay the irs, right?



Senior Member
A car is not a credit card. The car equity is the difference between the value of the car & what's owed on it. See a tax pro for help with the OIC.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential