"axamtn2" <axamtn2[at]aol.com> wrote:

- quote -


dont think so

.... but whose ssn is on the account?

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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axamtn2 wrote:

- quote -

Heck no.

ChEAr$,
Harlan Lunsford, EA n LA

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"axamtn2" <axam...[at]aol.com> wrote:

- quote -

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
www.irstaxtrouble.com
www.irstaxtrouble.com/blog.htm

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Can anyone tell me if a dependent minor savings accounts have
to be included as assets with his parents offer in compromise?

Thank you

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >