Offer in Compromise Question

Heck no.

ChEAr$, Harlan Lunsford, EA n LA

It depends on who owns the account pursuant to state law. Many states say that minors under a certain age cannot own property -- thus, the savings account may not belong to the minor at all.... Even then, the taxpayer (on the front of the Form 656) has to specify that they have not transferred property to any third party during the past 10 years for less than full value -- or it is a dissipated asset and the IRS can increase the necessary offer by that amount. So you may run into an issue if the parents gave the money to the child. Even if you do have to include it, you can always argue that it (1) belongs to the child and not the parent or (2) should be excluded becuase the financial guidelines and law generally permit taxpayers to retain assets that are necessary for the health and welfare of the taxpayer or the taxpayer's family. Kreig Mitchell

dont think so

... but whose ssn is on the account?

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