However, as the following story will explain, sometimes the IRS will waive the equity in the house for Offers, IF there is financial hardship.
In the case we got accepted this week, the lady had a house worth $140,000 and a $40,000 note against it. Her Offer that was accepted was $1600.00. Wow. In this situation, the IRS didn't see that the equity was accessible due to her minimal income and exhaustive expenses.
Do note that in 2012 - the IRS made some of their most radical changes to the Offer Program -- Offer in Compromise - Rules Changed -- Big Time!
Not a bad deal. Call us - 1-888-282-4697 to discuss how the Offer program might serve you. Staff of Washington Tax Services