LOL. Katie, I can't believe you remembered that. Good memory!
Yes, that is me. We went and saw a CPA last week and he was really, really helpful. It isn't going to be as bad as I had feared. He can't say for sure but has worked with some others in a similar situation - he thinks we will end up owing the IRS between $5000-$10000, with monthly payments of around $350. I have budgeted in (not into that $1200) $450 a month in payments to the IRS trying to be conservative since we won't know for up to another year. I also thought that up until we hear from the IRS we would save that budgeted money to go toward our emergency cushion.
Our CPA thinks actually we should go ahead and buy a house. The way he explained it is that once this gets going the IRS will put a lien on the property so we can't sell it and make a profit and take the money. He said that it would be better to own a house before all this happens than not have one and need one in the next few years as we are paying them off.
We are in a place where we are going to have to buy a house or switch jobs. Something cheaper is an option, but we want land so badly. We lived in a parsonage and there was a mold problem that was making us all sick so the church has voted to tear down the house and give us a housing allowance. Out here in the sticks there is no where to rent really so it's pretty much buying.
A part time job might be a really good idea actually for our cushion. We are so close to having our dream. But I know it's no good if it's too much of a hardship. We are willing and happy to make choices that mean we can be there. You have all been really helpful.
Yes, that is me. We went and saw a CPA last week and he was really, really helpful. It isn't going to be as bad as I had feared. He can't say for sure but has worked with some others in a similar situation - he thinks we will end up owing the IRS between $5000-$10000, with monthly payments of around $350. I have budgeted in (not into that $1200) $450 a month in payments to the IRS trying to be conservative since we won't know for up to another year. I also thought that up until we hear from the IRS we would save that budgeted money to go toward our emergency cushion.
Our CPA thinks actually we should go ahead and buy a house. The way he explained it is that once this gets going the IRS will put a lien on the property so we can't sell it and make a profit and take the money. He said that it would be better to own a house before all this happens than not have one and need one in the next few years as we are paying them off.
We are in a place where we are going to have to buy a house or switch jobs. Something cheaper is an option, but we want land so badly. We lived in a parsonage and there was a mold problem that was making us all sick so the church has voted to tear down the house and give us a housing allowance. Out here in the sticks there is no where to rent really so it's pretty much buying.
A part time job might be a really good idea actually for our cushion. We are so close to having our dream. But I know it's no good if it's too much of a hardship. We are willing and happy to make choices that mean we can be there. You have all been really helpful.
