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    lacistjohn's Avatar
    lacistjohn Posts: 1, Reputation: 1
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    #1

    Mar 8, 2007, 01:45 PM
    Offer in Compromise
    I owe back taxes for 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004
    Totalling with penalities and interest $45,800.00.

    I am unable to pay any... and have not been able for sometime. I am now unemployed.
    Had bad motorcyle accident a year ago and tore up my leg. Didn't has hospitalization or money... so I suffered through until it healed... but I obviously need surgery which I can't afford. I had to give up my rental house and have been living with my parents for the past year and a half and they have been paying all my expenses. I have a teenable daughter who lives with us too. I just recovered from bronchitis and doctor told me I have enlarged heart and high blood pressure. I am trying to get back on track healthwise to return to work, but it will be a while before I am back on my feet.
    IRS is on my back and I want to make an Offer in Compromise. I will have to get some money from my parents... but they don't have too much especially with having to support two extra people.

    My question: I want to offer IRS $500 OIC... do you think they will accept this?
    Will IRS feel that I have no living expenses (because I live with parents) so if there are future earnings they will want all of it? (This is a temporary arrangement... my mother is 67 and my father will be 65... they want to retire). I will not be able to live off them when they retire. My daughter can go back and live with her mother for the time being.

    What is a reasonable offer to make OIC considering my circumstances... I have no assets... no car (use my father's), a couple of used pieces cheap furniture... maybe worth $200, no bank accounts, no house, no land, no savings?

    Thank you.
    calvin's Avatar
    calvin Posts: 21, Reputation: 3
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    #2

    Mar 8, 2007, 02:04 PM
    Email this guy and ask his advice [email protected]
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Mar 10, 2007, 01:48 AM
    John:

    You have NO assets for the IRS to seize. Call the IRS and tell them you cannot pay and will not be able to pay until you get back on their feet. Tell them to mark your file uncollectible for now.

    Once you get your health back and get back to work, then contact the IRS for a possible OIC.
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