My husband and I own a business that we have refinanced several times to keep other businesses going, now this business is in trouble (cash flow) and even if we deed in lieu it back to the bank we will still end up with a $150,000 capital gains tax (because our basis is so low). There is no way we can pay back that money to the IRS, so what happens if we can't pay that? Is there any alternatives? what about tax forgivenss? will they garnish my wages? Is there anyway to get out of this even if we file bankrupsy? Thanks for the replies!
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