Tax Lien Question

[brandonga]

IN Georgia

I've currently got a situation going on with the IRS and they are about to put a Tax Lien against me. This isnt the first time this has happened, but I was much younger and had no assets last time - not even a bank account - so it was a pretty painless thing to go thru.

I dont have many assets now that I 'own' - but I am a secondary name on my significant others bank account .... if it gets to to the Tax Levy could they mess with that account? Basically its an account that she established on her own - and then I was added as a secondary person on the account. Thanks in advance for any help.

 

[adjusterjack]

if it gets to to the Tax Levy could they mess with that account?

Beats me. But do you really want to take that risk? An ounce of prevention is worth a pound of cure.

Get that account closed right now and have your SO open another account in another bank by herself and keep you out of her finances.

 

[Taxing Matters]

IN Georgia

I've currently got a situation going on with the IRS and they are about to put a Tax Lien against me. This isnt the first time this has happened, but I was much younger and had no assets last time - not even a bank account - so it was a pretty painless thing to go thru.

I dont have many assets now that I 'own' - but I am a secondary name on my significant others bank account .... if it gets to to the Tax Levy could they mess with that account? Basically its an account that she established on her own - and then I was added as a secondary person on the account. Thanks in advance for any help.

Depends on what you mean by "secondary name". If that means that you are a joint owner on the account then yes, the IRS may levy that account to collect what is owed. Note that the IRS does not need to file a notice of its lien first before sending the levy to the bank. So long as the IRS sent you the final notice by certified mail and the 30 days elapsed without you filing a collection due process (CDP) appeal the IRS is free to go after the assets you've got. The purpose of the lien notice is so that if you sell some assets you have the IRS can take those assets from the buyer to collect your tax.

 

[davew9128]

If you are an owner, yes they can take it.

 

[LdiJ]

IN Georgia

I've currently got a situation going on with the IRS and they are about to put a Tax Lien against me. This isnt the first time this has happened, but I was much younger and had no assets last time - not even a bank account - so it was a pretty painless thing to go thru.

I dont have many assets now that I 'own' - but I am a secondary name on my significant others bank account .... if it gets to to the Tax Levy could they mess with that account? Basically its an account that she established on her own - and then I was added as a secondary person on the account. Thanks in advance for any help.

Then I suggest that your significant other get your name off that account ASAP, and/or close out that account and open a new one without your name on it. In fact, I would advise that your significant other do that anyway as long as you have debt issues.

However, all you have to do to avoid a tax lien (actually its called a levy) is to set up an installment agreement with the IRS. They will leave your assets alone if you set up an installment plan and stick to it.