Professor Ward

InnoVest Resource Management's

Foreclosure Forum

Discussion Board

Foreclosure Training

Title Holding Trust

Speaking Schedule

Foreclosure Codes

50 State Foreclosure Basics

Foreclosure Glossary

60+ Yrs Interest Rates

News & Trends

FAQ

Dingbat Retirement Plan

Links

Contact / Map

Home

 

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

buying boat that has IRS lein

Posted by Steve on December 20, 2001 at 4:44 PM

Greetings,
I'm buying a sailboat. I am paying $20,000 for it. I put $10,000 down on the boat and I am ready to pay off the other ten grand soon. I had a title search done on the boat and the company that did the search informed me that there is a $200,000 lien against the boat.

First of all if I buy the boat and get title to it do I inherit the $200,000 tax debt? (I thought a tax lein was against all of the sellers property and not just one piece).

Second, is it possible to contact the IRS and get them to release the lien since I didn't actually incur the tax liabilty? ( the seller did)

I'm in a jam here. Any help is greatly appreciated. Thanks.


Follow Ups:


Post a Followup:

Name    : 
E-Mail  : 
Subject : 
Comments: Optional Link URL: Link Title: Optional Image URL:


[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Our home page is at http://www.foreclosureforum.com

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455

[an error occurred while processing this directive]