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If you file Chapter 13 and change your mind car is repossessed will the IRS take taxes for car?

The Internal Revenue Service (IRS) will generally not take taxes for a car that is repossessed during a Chapter 13 bankruptcy. However, there are some exceptions to this rule.

* If you owed taxes on the car before you filed for bankruptcy, the IRS may be able to collect those taxes from the proceeds of the sale.

* If you acquired the car after filing for bankruptcy, you may be liable for taxes on the car if you did not properly report the acquisition to the bankruptcy court.

* If you used the car for business purposes, you may be liable for taxes on the car's depreciation.

If you are concerned that you may owe taxes on a car that was repossessed during a Chapter 13 bankruptcy, you should contact the IRS as soon as possible to discuss your situation.

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