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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Sorting out priorities on a boat going to sale Posted by Ward-CA- on December 21, 2001 at 10:23 PM In Reply to: 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. =•=•=•=•=•=•=•=•=•=•=•= Steve, I’m sorry to admit that I’m not versed at all in vagaries of a tax lien sale against personal property. If I were you I’d talk with several experienced boat appraisers to get the answers you need to your questions, before you risk any more of your capital. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : 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. : =•=•=•=•=•=•=•=•=•=•=•= : Steve, I’m sorry to admit that I’m not versed at all in vagaries of a tax lien sale against personal property. If I were you I’d talk with several experienced boat appraisers to get the answers you need to your questions, before you risk any more of your capital. 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

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