Offers In Compromise – Senior Citizens

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  • #11988
    Bob Jablonsky
    Participant

    I’ve listed to a few of the seminars but just joined and am very new at this. I had a call from a person today who is retired and lives on Social Security along with his wife. He told me they have no other income. However, he did say they own a home with equity. He doesn’t Doubt the liability, and I would need to go through the calculation with him, but my instinct based on the quick discussion, is that he does have the equity in his home to not qualify Doubt as to collectibility.

    Is this situation something that might fit under Effective Tax Administration or is age no factor in the calculation? I appreciate any feedback you can give. Thanks.

    Bob

    #12060
    Eric Green
    Keymaster

    Bob absolutely. I will record a small bit on ETA Offers for both the podcast this week and for the members area, but for now have them complete a 433 and get it to you to review. We can go over it and see if we think we can sell it.

    Also, find out what years they owe for and what caused this, and pull a transcript report (once the freaking government reopens) and see if maybe they would qualify for some penalty abatement (first time or reasonable cause). If they do end up having to pay the balance perhaps we can get it reduced.

    #12068
    Bob Jablonsky
    Participant

    Thanks Eric. I’ll listen for the updates and will get with the TP on the 433. I really appreciate your help in getting started.

    #12069
    Bob Jablonsky
    Participant

    Thanks Eric. I’ll watch for the updates and will get with the TP on the 433. I really appreciate your help in getting started.

    #12181

    I’ve got a client with this very problem too. But they did recently take out a reverse mortgage to pay off credit card debt so they could pay off credit card debt. I’ve asked them to gather info so we can work on the 433-B.

    Rachel

    #12188
    Eric Green
    Keymaster

    Sorry I have just been crazy lately – I will record the ETA Offers video this weekend and post it by Monday, I promise!

    #12439
    Eric Green
    Keymaster

    The ETA offer video is now posted in the training area under “Collections”. Let me know if there are any questions.

    #12440
    Bob Jablonsky
    Participant

    Thanks Eric. I did watch it today. I appreciate you taking the time to record it. The potential client is supposed to come in this week with the notices that he has received and with information to complete the 433. Based on your video, I’m not if he’ll qualify, but should know more after meeting. Thanks again for taking time to record the video.

    #12441
    Bob Jablonsky
    Participant

    Thanks Eric. I did watch it today. I appreciate you taking the time to record it. The potential client is supposed to come in this week with the notices that he has received and with information to complete the 433. Based on your video, I’m not if he’ll qualify, but should know more after meeting. Thanks again for taking time to record the video.

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