Here at Kansas City Tax Mediation, we’re here to help you get Missouri tax relief now. As a back tax settlement and tax mediation firm in the Kansas City area, we’re dedicated to helping you deal with the IRS. Today we’re specifically discussing what the impact of owing back taxes has on an inheritance. Can you keep it or will the IRS take your inheritance if you owe back taxes?
The short answer is yes. Unfortunately, the IRS does have the right to take inheritance money as money that is owed to them. They see it as money owed to them and it’s rightfully theirs. It does not matter where the money came from. Of course, there possible ways to get around this and if you have other ways to pay your back taxes, you can pay the IRS that way. Kansas City Tax Mediation will help you explore your other options as you may be eligible for an installment plan or a compromise offer.
Let’s say that you owe $2000 in back taxes from employment that you just never got around to paying. It happens to the best of us. Things come up and we forget to pay a bill. Because of this outstanding amount, you’re now in debt to the IRS. If you are waiting on $5000 in inheritance money that you don’t yet have in your possession, the IRS can’t touch this money. For example, if your $5000 is wrapped up in a loved one’s house, the IRS cannot take the money from the house.
If you’re expecting an inheritance and you owe back Missouri taxes, it’s important that you call us as soon as you can!