12-18-2012, 03:51 AM
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#34
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Senior Member
Join Date: Jan 2005
Location: Florida (Sebring & Keys), Wolfeboro
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“Private property and freedom are inseparable.”—GW
Quote:
Originally Posted by This'nThat
If you are asking Forum members advice on whether this will work or not, you are probably not yet prepared for the answer.
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I just stumbled on this:
Quote:
Jointly Owned Assets
The IRS can legally seize property owned jointly by a tax debtor and a person who doesn’t owe anything. But the nondebtor must be compensated by the IRS, meaning that the co-owner must be paid out of the proceeds of any sale.
If, however, you owe taxes and add a co-owner to a piece of property—without that person paying you fair consideration for the property—the IRS can ignore the interest of the other person. In law, this is called a fraudulent transfer or conveyance.
Example:
Rudolph owns a vacant lot worth $25,000. He sells a one-half interest in it to his sister, Wilma, for $10. The IRS could seize the lot and sell it to pay off Rudoph’s taxes, ignoring Wilma’s ownership because she did not pay a fair price. Wilma might get her $10 back, though.
http://taxattorneydaily.com/topics/c...y-owned-assets
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 (Also, that attornies aren't likely to take cases involving such seizures by The Government).
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