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Financial Planning / Tax Strategies
|Subject: Re: IRS question||Date: 6/21/2013 8:20 PM|
|Author: TMFPMarti||Number: 118731 of 124777|
I have a renter who got into hock with the IRS years ago. They pay with money orders I assume to keep the IRS away. Curiosity question - could these folks ever buy a house? Even land contract? Or would the IRS come get their lb of flesh if they did. I guess the IRS can seize anything. Is there a statute of limitations on IRS debt?
The IRS has 10 years from the date of assessment to collect. (That can be extended but isn't usually.) The tax lien attaches to all their property, but that doesn't necessarily mean the IRS would enforce it against a specific piece of property. I think they'd find their ability to borrow somewhat compromised.
Which brings me to my curiosity. Did you not run a credit report on them before renting, or do you just not care that they don't pay their bills?
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