Legal Question in Wills and Trusts in Texas
Lien on irs taxes
Parents left a home to me and six brothers and sisters. The irs will not give me a release of partial lien against my portion no one can get money. Can I give or sell ($1 dollar) my one seventh of property to anyone to get out of this mess?
2 Answers from Attorneys
Re: Lien on irs taxes
Ms. Smith has given you good advice. But all you could personally sell is your 1/7th. If your siblings agree to sell the home, then the deal is quite doable. If one or more object, then you'll have to go into probate to have the property partitioned. That is, the property is sold on the open market and each party gets 1/7th of the proceeds and the IRS gets paid out of your share.
Re: Lien on irs taxes
Talk to the IRS. Chances are that they will provide a partial release of the tax lien in exchange for your portion of the net proceeds when the property sells. You will need to prove to them that it sold to a bona fide purchaser for value at an appropriate market price. The release and paying the IRS can be handled at closing by the title company. It will take a little work, but it can be accomplished.
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