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Divorce Source Community Forums >> Tax Issues

Gecko
Carpal \'Tunnel

Reged: 06/01/04
Posts: 19802
Loc: Third rock from the sun

Re: Scared of husands tax burden

01/11/07 06:00 PM

In rereading your post, it sounds as though you knew he was not making the payment and thus, yes, you can be held liable and you benefited from the increased income. However, say he had a separate business account that you did not have access to and you JUST found out...you might have a valid argument for "innocent/injured spouse" relief.

The first thing the IRS does if you owe them money is to try to collect through general collection effects...then send you a bill, they send you a couple of "reminder" notices, they then send you "threatening" letter and then finally, then take you to court and put a lien against assets.

Now NONE of this is going to happen until AFTER you file taxes...which is ya'll are smart, ya'll wait until the last minute. Between now and April 15th, your STBX better be coughing up some cash to pay this bill or you can use the equity in the home to pay the debt.

I'd go ahead with the refinance...'cause as I said, it's going to take several months AFTER April (if you wait until then to file) BEFORE you get to the "lien" part. I would just reserve from BOTH party's share of the equity, monies necessary to pay the debt. The amount should be 50% for you and 100% for him.

The "good" thing about going ahead with the refinance NOW is so IF the IRS allows that it is HIS debt, the home will be in YOUR name and they can't touch it. But if you wait...they CAN be a lien since the home is joint.

In the mean time, you'll going to consult with your tax professional and see what you can do.

--------------------
If you air your dirty linen in public, expect people to comment on the skid marks!

Post Extras

Entire topic
Subject	Posted by	Posted on
Scared of husands tax burden	mainegirl	01/11/07 07:34 AM
Re: Scared of husands tax burden	Gecko	01/11/07 06:00 PM
Re: Scared of husands tax burden	Gecko	01/11/07 03:33 PM
Re: Scared of husands tax burden	Avaya	01/11/07 10:50 PM
Re: Scared of husands tax burden	Gecko	01/12/07 12:17 AM
Re: Scared of husands tax burden	mainegirl	01/12/07 07:04 AM
Re: Scared of husands tax burden	Gecko	01/13/07 01:01 AM
Re: Scared of husands tax burden	Miranda	01/11/07 03:35 PM
Re: Scared of husands tax burden	Gecko	01/11/07 05:02 PM
Re: Scared of husands tax burden	LeAnne	01/11/07 05:14 PM
Re: Scared of husands tax burden	mainegirl	01/11/07 04:46 PM
Re: Scared of husands tax burden	LeAnne	01/11/07 04:58 PM
Re: Scared of husands tax burden	LeAnne	01/11/07 11:27 AM

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