Fair market value Mortgage. Equity $125,000 $115,000 $10,000 Carl is paying $800 per month on the...

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Fair market value Mortgage. Equity $125,000 $115,000 $10,000 Carl is paying $800 per month on the mortgage, and he finds that this is more than he can afford. He has an offer to purchase his home for $125,000. He would like to buy a condominium for $75,000 after he sells his home, but he needs $7,500 for a down payment. He figures buying the condominium will bring his monthly housing payment to $550. (A) Can anything be done to prevent the IRS from levying on the proceeds of the sale of the house? (B) What can you suggest to Carl to get the IRS to go along with this arrangement? Fair market value Mortgage. Equity $125,000 $115,000 $10,000 Carl is paying $800 per month on the mortgage, and he finds that this is more than he can afford. He has an offer to purchase his home for $125,000. He would like to buy a condominium for $75,000 after he sells his home, but he needs $7,500 for a down payment. He figures buying the condominium will bring his monthly housing payment to $550. (A) Can anything be done to prevent the IRS from levying on the proceeds of the sale of the house? (B) What can you suggest to Carl to get the IRS to go along with this arrangement?

Answer rating: 100% (QA)

A To prevent the IRS from levying on the proceeds of the sale ... View the full answer