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joenobody

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  1. Not sure what you mean about my post in November. Back then situation was different. I hadn't been contacted by the IRS.
  2. He's not screwed if I'm transferring the balance back to my cards or if I pay him back with the equity I have from the house. State tax hasn't been filed either. I'm actually getting started with an EA. He said because he's bound by a code of ethics, he has to tell me that if I sell my house the equity belongs to the IRS. He wouldn't tell me what he thinks would happen if I pay my brother back with the equity or pay the cards. I don't know... Maybe I'll just live with the fact that I can't save my equity at this point. If they just put a lien on the house and not take it from me at least I can still stay in my home. By the way, if I owe the IRS more than the equity on the house will the lender even bother foreclosing on it if I stop making my mortgage payments? They would get $0 since IRS debt would have to be paid first.
  3. Thanks CV. Yes that's exactly what I'm doing. Just seeing if anyone has been in a similar situation.
  4. I haven't filed taxes for 4 years(not including 2018). I will owe a few hundred thousand when I file and I have about 100k equity in my house. That's the only asset I have and I don't make nearly as much as I used to. I make enough just to get by nowadays. I never heard from IRS until Nov 2018 when they sent a letter asking about my 2017 taxes(I made some real estate transactions in 2017 so that's why they finally noticed).They sent a second notice last month. I'm working on getting all my stuff together to file but meanwhile trying to figure out if I can save my equity in the house without pissing them off for tax evasion or anything like that. From what I've researched, it's not likely or easy for them to take your primary residence but I think I have a big enough equity that they might. Now here's how I think I might be able to save the equity in the house: I have about 150k credit card debt. Recently I did a balance transfer to my brother's credit cards to be able to raise my score and apply for a business loan. I'm thinking maybe I can sell my house and pay my brother back for the credit cards. Either pay his credit cards off from my bank account or write him a check. I know tax debt is above all but if I borrowed money from someone to pay them back in a few months, would they say I should have still paid the IRS with that borrowed money? Or will they say I need to use the credit cards that are now paid off to pay the taxes? or would this all be considered tax evasion especially since not filing taxes is considered criminal( just learned). I've talked to a tax attorney and I felt like he's not really sure but he was very sure about getting a 5k retainer... Any help from anyone with experience would be greatly appreciated. Sorry if there's a different section about tax questions, I didn't see one. EDIT: the attorney did tell me that I can file chapter 7 in 2 years and get ride of the tax debt along with credit cards. I always thought tax debt is like student loans that can't be wiped off in BK.
  5. I owe well over 100k in back taxes that I haven't even filed. And still making payments for the last year that I did file. They haven't said anything yet. Don't want to be too specific but my money doesn't come from one client. Since I've lost my income producing investments last year I think I'll make about 40-50k for 2018 and probably about the same 2019. EDIT: I think I would owe about 200k or so in capital gains tax for the crypto I had in January which I have literally 1% of it left due to market crashing and gambling the rest of it away with margin trading. But IRS doesn't know about it since it was mostly on overseas exchanges.
  6. That's a good point. I guess it wouldn't automatically trigger an audit, but "if" audited it could be a problem. But even then we can say the house needed work. Also, my estimate of 280k is on the higher side. Another option would be to sell it for top dollar to him and him keeping that extra funds for me to spend from his account, so it won't be considered mortgage fraud or anything. Last option is to just sell it to a stranger for top dollar, send the profit to my step dad to use as down-payment on another house for me. Only problem I can think of is if I file for bankruptcy or lose a judgement, they'll ask me why I sent that money to him. How far back will they look? Thinking maybe I'll just fight collectors for a year or two and then file for chapter 7.
  7. I bought it for 210k in 2014. I think I wouldn't have any capital gains tax since it's my primary residence but I'll be selling it to him for about the same price I bought it anyway so not worried about the taxes for the 10k or so profit.
  8. Personal but some of the cards are business with personal guarantee. I do have a loan. 180k loan and the house is worth 280k. I think I will just sell the house to my step dad for a little over the loan amount and buy it back few year later when the dust settles and I'm back on my feet. I have a joint credit card with my step dad with 18k available which I'm not burning. It's from 1993 so it should help the rebuild process. I also have a bank account with a small local bank which I remember reading is safe from collectors. I'll still keep most of it away from any bank(crypto exchanges)
  9. Long story short, due to divorce and some terrible investments within the last 2 years, I've lost everything and I'm about to stop making payments on my cards. The only valuable asset I have is about 80-100k equity in my 280k house. I have about 10k equity in my car which is worth about 40k. I work for myself so I don't have any wages that can get garnished. Also haven't' filled taxes in 2 years if that makes any difference. My cards are 15k to 25k each. Totaling about 200k. Can/will any of these creditors, some of which I owe 50k+ (multiple cards), come after my primary residence if they obtain a judgment? I know the homestead exemption in Georgia is about 21k so it would seem that they would come for my house, but how typical is it for them to do that? How long do you think it would take before the first judgement? I'm thinking about a year? Just trying to figure out if meanwhile I should sell my house and take my equity before any of that happens. Tough times but I know I won't stay down so I'm going to try to avoid bankruptcy and just settle the debts in a year or two. Beside, I think I'd have a better chance of losing the house in a bankruptcy vs prolonging it with collectors. What do you guys think?

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