When I was doing my tax returns over the weekend, I compiled a list from the past 6 years and was looking at values when I noticed an inconsistency. In 2002, I put in the wrong number for my mortgage interest resulting in a bigger refund than I had gotten--I need to do an amended return to correct it and it will be about $900 refund. For my 2005 taxes, I owe about $1400 which I will not be able to cover. Is it wrong (according to bk rules), to get that refund before I file for bk and use it to immediately pay for my 2005 taxes? I always feel that the IRS is the highest priority debt I have.
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*** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***
My posts represent hours of research on and off the web, these forums, my experience, and my opinions. -
If you have not filed bankruptcy yet, correct the old tax report, and apply that to your 2005 taxes.
IRS is a priority creditor anyways. They'll get theirs before anyone does......
No harm done doing this way.......
Now if you get it and spend it with a tax liability - you been screwed....Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
We got a refund for 05 and it was applied directly to our balance.Filed: 2/24/2006
341 mtg: 4/4/2006:angel:
Discharged: 9/25/08!!!!!:yahoo::yahoo::yahoo::yahoo::yahoo:Comment
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