Can the IRS force a sale for back taxes?

Answer The IRS can force a sale for back taxes. If you have a steady job, the IRS would first look to garnish wages. Forcing a sale is a last resort, usually preceded by a lien. The drastic measure of a f... Read More »

Top Q&A For: Can the IRS force a sale for back taxes

Do I pay taxes on a short sale?

If an individual has to sell a home for a net sales price (after commissions and other closing costs) that's less than the outstanding mortgage debt, it is called a short sale. The tax implications... Read More »

Do I owe income taxes on a short sale?

Yes, short sales are taxable transactions according to the Internal Revenue Service. A gain or loss from the short sale is not realized until the property from the sale is delivered after closing.R... Read More »

Is there a limit on taxes for the sale of a New York home?

U.S. residents living in the state of New York must pay 15% capital gains tax upon the sale of their home. However, you may deduct certain amounts from the total, including closing costs, any poin... Read More »

Does a widow pay taxes on the sale of a spouse's property?

A widow selling her deceased husband's property is actually selling her own inherited property and is typically responsible for paying any applicable income taxes. She may, however, figure out her ... Read More »