I need to raise Big Money in a short period of time. How to do it?

Hey Ken

Have you tried selling on here?
http://partners.overstock.com/cgi-bin/sellInv.cgi

Would the IRS consider getting half of that amount a measure of good faith? $13,000 plus change is a lot of money, but that amount can be raised much quicker than the full amount.

My friend, I'm praying for you for some good luck to go your way. I hope some of us who have a little extra cash can 'pass the hat' and collect some of it, and pass it on to Kenneth. I've known Kenneth in NC for at least four years now and consider him a friend. I can think of much worse ways to spend $20 then helping out a fellow board member. Life is funny - it might be your turn someday.

Not a handout - just a hand up.

__________________
Going to church doesn't make you a Christian any more than standing in a garage makes you a car.

See, my guessing was woefully wrong!

So if the estate was settled, and now there is a flaw in the taxes, the IRS will come back through the executor to bill the back-taxes.

So, your bill is a portion of what you recieved from the estate - in perportion to the whole estate? And equal or less than what you recieved? Otherwise, you are being reamed, and the govt is helping do it.

If so, you should see an accountant or atterney. The IRS wants it's money, & might lean on you - they lean on whoever they can, but it is all rubber-stamp nonsense really, you gotta go track down the details, it ends up if you get a letter from them you need to prove yourself innocent - I was billed $50,000 by the IRS, actually it was less than 1/4th of that - but if I could just pass that bill to my sister, let her pay it, give the IRS her address & forget about it..... well that would have been so cool for me, and the IRS would have been happy to take her check, they sure wouldn't bother looking ito it more. But, I had to deal with dad's accountant who made things worse as he was an idiot & kept all the papers for a month while interest accured; had to track down a major bank error myself; and had to spend long hours with a calculator & the IRS letter writers.... Funny part was when I got the $50,000 bill before I set the letter down, I said to myself this really should be about $7000 in back taxes & $3000 in fines - and after much bad advise & time wasted with that accountant, that's almost exactly what the real bill came to!

You are not responsible for more than the % of the bill in perportion to what you recieved. The taxes come from the estate, not your pocket.

I understand the tension of the situation. However, you need to be fair with yourself as well as your family, and let each member share in this bill - whether they want to or not.

My family is not settling the estate until the IRS gives it an audit on the lawyer's advise - then any 'issues' will still come out of dad's accounts, rather than following up after us kids. I guess that keeps us out of this type of thing. I'm the executor, it's a handful. If you are not, then you don't know much of what went on most likely.... I've made copies of most stuff & put it in folders for the others, so they should know what is what when it happens. I hear a lot of folks don't do that, and there is a lot of money & issues that can be sorta flexable if you are in control.... I've no trouble saying that in public, siblings know the score.

We keep coming back to this topic, and that is not really what you asked about. So, sorry for always going back to the side issue in your message. I just want you to look out for yourself at an emotional time. Fair is fair, and that goes both ways. Be sure you are being fair about this, and not getting run over. Your portion of the 'bill' should be an equal % of what you recieved, and should be no more than that ever. (Again, as I understand things, I'm no advisor, just a simple dirt farmer.)

These estate bills come out of the estate, and no more than that. Despite what an IRS agent trys to say. Do not willingly pay more than you recieved, and the bill should be split evenly among all that got from the estate.

Perhaps you have this all worked out, and are well on top of it - or there is more to this that makes it 'your' bill to pay. It gets too personal to go into details on these subjects, and I'm not asking for anything like that, you've said plenty of a personal nature. Just mentioning how things worked for me, and hope you can find a good path through it all, perhaps some applies, perhaps it doesn't.

--->Paul

Does it have to be legal?

__________________
"Education is the ability to listen to almost anything without losing your temper or your self confidence"
Robert Frost

Kenneth,
If your Dad was in the armed services you may be able to get some help on paying for his funeral. Seems like I read this somewhere. Its not a whole heck of a lot, but any amount would help right?
DH is a blacksmith, and may be able to use some of your tool steel. Problem, we don't have a truck. I'll ask him about it when he gets up.
I would be glad to buy some of your cookware, and I can come get it next weekend, if Sunday would work for you. I work 6 days a week. PM me and we will work out details.
I am sorry for your loss and the troubles you are having.
Anne

Ken, You might consider bankruptcy. I would talk with a bankruptcy attorney before you drive yourself bonkers. For $700, you could be free and clear of any debt and start over.

Been there done that back in 1997 when the hospital refused to take payments after the triple by-pass.

Probably more than you want to know but here is the "rest of the story" . I had paid my taxes early. (January) My uncle (executor) manipulated the funds in dad's 401k and a another retirement account. He managed to get every dollar I received from the will counted as "UNTAXED" investment money. That screwed up my tax return big time. My uncle waited until March 28th to deliver to me the IRS forms that I had to file as an amendment. By law he had until March 30th. He had them in January and deliberately held them to last minute.

There are a few debtors that maybe my uncle can screw over legal (not ethical) but I can't. I have to be able to look at the face in the mirror and have a clear conscience.

I made my decision to not fight my uncle because my dad would not have wanted that. In dad's memory I have to honor that wish. Since it's the last thing I'll ever be able to do for him I intend to do it.

But it sure gets ugly in the early morning hours when I get to thinking about dear old uncle.

Kenneth

Anne I sent you a pm.

Thank you JR I consider you a most excellent friend, too.

Paul: I think I answered you above when I replied to boxwoods. If not ask questions and I'll try to answer them.

Beeman: Probably should be.

Venting here and finding out I'm not the only one that has family that "puts" it to them has helped offset a bit of the anger I've been feeling.

Thanks guys.

Kenneth

I made my decision to not fight my uncle because my dad would not have wanted that



After reading your post I think I better understand your situation, and I commend you for not stooping to his level and pulling the revenge kick into high gear. I still feel that dear old uncle should be responsible, but no matter what in the end he will have to answer for it.

In our family the inheritance caused emotional scars, from the cuts the dollar bills made. I could care less about the bucks; the lawyers have tied it up for 8 years now, anyway.

My Dad's mom was Dorothy. One of her six siblings, Leone was a school teacher, who faithfully bought savings bonds. When Leone made her will, she chose to bequeath a share of her inheritance to only Dorothy's grandchildren, and then she excluded my cousins born to Uncle Ray. I suppose she had her reasons, but it sure made for some strained relations. Leone passed in 1996.

When we were growing up, every year for summer vacation, we drove to Denver, and took side trips to Nebraska, and Wyoming. The last time Dad was there, in 1998, "cousin" Dude (Leones nephew who was not on the "list", refused to make time for Dad to come visit. It broke Dad's heart. Dad was a lawyer, but had nothing to do with the will.

Good Luck Ken. You are a fine son.

Thanks Rick.

I hope someday soon to be able to put this behind me and move on. For now the money (debt) thing is making stress for me and my family.


Kenneth in NC

As you can imagine were selling a lot to try to put this burdeon behind us. If your interested my wife has some colectible Star Trek plaques, 3 Star trek Silver Coins and some old dolls. I have a couple bayonets and sheath knives and a big toy chest full of Marvel Toys still in their original wrapers.

Also I have a 21 speed Shimano Mountain Bike that I paid $175 for, put together, and have never rode. I'd sell it for $125.

I'm sure theres more but right now my brain is fried.

Kenneth in NC

Kenneth I am really sorry to hear that its got that bad. I hoped your uncle would do better by you. Please don't be offended but JR Guerra's post struck a nerve I know you've had it rough these past few years so I mailed you something for your family hope it helps.


Star

Ken, if the Marvel toys are new/mint in box, have you checked Ebay for similar items? Maybe you could list and sell them. (Maybe someone else has mentioned that.) But ... leave them in teh boxes!

Hope it all works out for you!

Ann

__________________
"In essentials, unity. In non-essentials, liberty. In all things, charity."

Thanks Star.

cloverfarm: Yes there all new in packaging. I've bought them over the years thinking that Marvel Toys may go up in price. I sold a Silver Surfer back in August. The others I need to get out and do a serach on ebay to see if theres any available and going rate.

I really don't want to know the answer to this question, but perhaps it will help you pay the taxes. What did you do with the money you got from your dad? Can you un-do what you did? Can you sell what you bought, or put debt back that was paid off with it?

Just an idea.

Jena

UPDATE: one debtor has cut his bill by 2/3rds. The IRS has agreed if I pay half by Dec.15, 2004 they will NOT levy any more penalties and drop the interest rate to 5% with a 90 day extension.

So now I really need to sell, sell, sell. I'm going to try to make their deadlines.

Kenneth in NC

Kenneth, if all else fails, even though you filed bankruptcy in '97 you could still file a Chapter 13. It would prevent the IRS from making any liens, freeze the interest, and would most probably even lower the amount owed since, between the attorneys and the Trustee, they would be able to negotiate a reduced debt amount; and it would also give you at least 3 years to repay the debt.

__________________
"Challenges are what make life interesting -- overcoming them is what makes life meaningful."

I didn't review the 2002 bankruptcy changes, but you used to be able to file Chapter 7 again, seven years after discharge. You could discharge a federal tax debt filed and assessed three years or more.

Still, Chapter 13 was often best for dealing with federal taxes. It was referred to as a Cramdown, meaning that the favorable debtor terms were crammed down the throats of creditors. Most frequently, the debtor pays what he can for a 36 to 60 month period, and then gets a discharge for the rest of the debt.

Everyone who owes IRS a debt that they are not able to pay needs to be aware of Form 656 and the rules pertaining thereto
http://www.irs.gov/pub/irs-pdf/f656.pdf

It is so sad that most people get the wrong tax or legal advice from acquaintences and even strangers, instead of going to a professional. Many times they will spend the rest of their lives trying to climb out of a deep, dark, financial hole.

__________________
life's a holiday

People hear what they want to hear, and believe what they want to believe.

[QUOTE
So now I really need to sell, sell, sell. I'm going to try to make their deadlines.

Kenneth in NC[/QUOTE]

Don't know if it will help or not, but u could try NC Yardsale. (it's a yahoo group, over 450 folks)