Can a tax levy be put on my account if my father owes back taxes? 4 Answers as of February 05, 2011

My parents asked me to put my name on their joint account just in case if something would happen to them. I am worried because they owe back taxes from my fathers business. My question is can the IRS come into my own personal bank account/savings and take my money even though my parents are not on my account? Also could they intercept my taxes to pay off their debt just because my name and SS# is on their account now? Even though I have nothing to do with it and I do not owe anything.

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David Hoines Law
David Hoines Law | David Hoines
Not your personal account without your parents signature.
Answer Applies to: Florida
Replied: 2/5/2011
Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
As long as you are not personally liable for his tax debts they cannot seize any of your assets. Merely putting you on as a joint owner of an account does not make you liable for his debts.
Answer Applies to: Pennsylvania
Replied: 1/21/2011
Givner & Kaye
Givner & Kaye | Bruce Givner
Can the IRS put a levy on your account? The answer to any question like that is "yes." Should the IRS do so if the debt is that of your parents and your parents do not have an interest in your account? The answer is "no." So, you must hope it does not occur so that you need not engage in a battle of proof.
Answer Applies to: California
Replied: 1/20/2011
Meyer & Yee, LLP
Meyer & Yee, LLP | Kent W. Meyer
They could take money from the joint account your parents have with you. They shouldn't be able to reach any of your accounts that aren't joint with your parents.
Answer Applies to: California
Replied: 1/20/2011
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