Change in Assets for Offer

Home Forums Member Forum Change in Assets for Offer

Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • #11359
    Diana Sheltra
    Participant

    I submitted an offer for a client based on the assets he had at the time. The offer has been received and under review. The client sold his camper worth about $23,000. He also owes the state of VT $90K and Dept. of Labor $40K. Department of Labor has no statute of limitations and the debt attaches to him personally, forever. Can an offer be revised to put down more money on the offer, or should we first re-submit the state offer?

    Thanks in advance.

    Diana

    #11371
    Eric Green
    Keymaster

    The camper would have been included in the RCP calculation, and so the fact that it has been converted to cash should not impact anything. Now if it sold for a price much different than the value listed it could be, but otherwise they simply converted it to cash, ostensibly to pay the offer I assume. I do not see a problem. I would not amend or change anything.

    #11372
    Eric Green
    Keymaster

    The camper would have been included in the RCP calculation, and so the fact that it has been converted to cash should not impact anything. Now if it sold for a price much different than the value listed it could be, but otherwise they simply converted it to cash, ostensibly to pay the offer I assume. I do not see a problem. I would not amend or change anything.

    #11380
    Diana Sheltra
    Participant

    Thanks Eric. During the period where the offer is being reviewed, can the taxpayer send in additional money towards to periodic payment. I set it up for $250 per month, then the last payment for about $9,000. Can he send in the last payment during the review process? I want to make sure he does not spend it on anything else. He was not expecting to be able to sell the camper this quickly.

    #11421
    Eric Green
    Keymaster

    Yes he can but I would not – if he throws extra money at it and it is rejected then the money is kept by the IRS. If possible have him put it in a separate account or, if you have a client’s account, you could take and hold it for him (attorneys like us do have an IOLTA account so I have them give me the extra money to hold while the offer is pending).

    #11423
    Diana Sheltra
    Participant

    Great thanks.

Viewing 6 posts - 1 through 6 (of 6 total)
  • You must be logged in to reply to this topic.