worried about parents

Guest 0.10 Dollars($)

Hi my parents are divorcing. My dad has always been the one with a full time job. In fact he owns his own business. Recently he offered to buy my mom out, meaning he offered to give her the house, some cars, and a check. She's opting to take the legal route. I believe my dad is offering to buy her out because he knows that if legalities get in the way, he (and she) have had an income that was not always taxed. I think my dad doesn't want the IRS involved, personally or professionally. If my mom takes the legal route, doesn't she risk the IRS getting involved and hurting everyones financial stability, including the business owners. Also, even if she gets the house...how would she afford the payments? They've been married for over 30 years and she doesn't work. Any advice is good advice. And should she make sure she has the business involved?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Sarissa,

Welcome to this forum.

“If my mom takes the legal route, doesn't she risk the IRS getting involved”
I shall suggest you to opt the legal route. If your parents are evading tax to IRS they are actually became disloyal to the nation. And they can get punished for it. So consult with an attorney and always opt for the legal route.

Thanks,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Sarissa,

Even I agree with Larry. It is better to remain clear on the tax issues even if it might cost you a little more.

evolovik26 · Posted: Thu Nov 15, 2007 6:37 am Post subject:

If your mom is evading paying taxes it might come to haunt her sooner or later in any event but as far as divorce proceedings or separations go it should not have any effect. The judge will be looking to who owes what and to whom thats it. If the issue of taxes comes up the judge is likely to advise your mother to pay them but thats as far as that will go. No one reports to IRS ( they find you ) the only report that might come out of this is any capital gains your mother is to recieve and her new changed marital status. But in the end talk to a divorse attorney.

All times are GMT - 7 Hours

Page 1 of 1