When you purchase property, is it really yours? The answer, of course, is yes. However, there are qualifiers. If you borrow money to buy a house or car and use the property as collateral, your lender has a stake in the game in the form of a lien. However, even if you hold clear title to the property, it is still possible find yourself confronting a lien from state or federal tax collectors.
There is no single answer to the question posed above. Perhaps the most useful response is that the best option is the one in which you clear your tax debt in the shortest amount of time with the least amount of financial hardship.
Minnesota residents may be aware that canceled debt is generally considered as income that must be reported to the IRS. However, there are some exceptions to that rule. For instance, some homeowners who had their mortgage debt canceled in 2015 and 2016 may not have to count it as income. This exemption may apply to those who took out loans to buy, build or improve their main homes in a substantial manner.
In the previous post, our blog discussed how the Minnesota Department of Revenue has a considerable number of administrative tools at its disposal when seeking to collect overdue tax debt, including wage levies.
While most Minnesotans would greet the prospect of being in the crosshairs of the Internal Revenue Service with little enthusiasm owing to the agency's extensive resources and willingness to deploy draconian collection measures, they may not harbor such trepidation when it comes to the Department of Revenue.
After the latest round of snow and frigid temperatures hit Minnesota this week, there were undoubtedly more than a few "snowbirds" -- those who seek refuge from the winter in warmer climes -- happy to be thousands of miles away from the place they call home for much of the year.
Due process is an important element of our legal system in Minnesota and the rest of the U.S. If you are facing criminal charges, due process requires the government to follow procedures in protection of your rights. Call it a matter of upholding the ideal that a person is presumed innocent until proven guilty.
The holidays are great for many people, as they get holiday bonuses and year-end bonuses that they can spend any way they want. These are often used to buy presents, take trips and pay off debts. It's a good way to start the new year.
Paisley Park opens its doors for public tours starting next week. Readers in Minneapolis and western Wisconsin who happen to be fans of Prince probably already know this. What is also common knowledge is that managers of Prince's estate are making this move because it's estimated he may owe as much as $150 million in estate taxes.
We have noted before that the tax collector is not someone to be trifled with. When a taxpayer receives a notice of an issue regarding his or her taxes from the IRS or from the Minnesota Department of Revenue it can be disconcerting, but it is not something that can be ignored.