Offer of Compromise with IRS
Date: Thu, 05/02/2019 - 11:50
Hello all, I am wondering if the IRS looks at available credit cards as an asset in determining an offer of Compromise. In other words, will they expect me to put balance on a few different credit cards to cover debt or do they just want to know what revolving cards I have?
I think, they have asked you
I think, they have asked you about the total credit card debt you owe along with other set questions.
Credit cards are not
Credit cards are not considered as an asset. The IRS doesn't expect that you would pay tax with your credit cards. They might ask you how much credit card debt you have. That's it. Usually, they will ask for the following information:
If you have file bankruptcy
Your total bank balance
The fair market value of your home
Your stocks and bonds
Home loan balance
If you have any vehicle
Your retirement savings accounts
Visit these pages for more information:
https://irs.treasury.gov/oic_pre_qualifier/
https://www.irs.gov/payments/offer-in-compromise