When the IRS began seizing assets of a man in Boston who owed $600,000 dollars in back taxes, nobody really took notice. The IRS conducts wage garnishment, asset seizure, and other tax levying collection efforts to settle tax debt. But in this particle tax resolution case, many Bostonians were out in the rain to get a piece of the auction – or in this case parking spot action.
Man Settles Tax Debt for Tandem Parking Spots
Most people complain about paying the meter when they park, or getting a ticket for a parking violation. But in Boston, at an auction held by an IRS liquidator, a buyer has purchased two tandem parking spots for $560,000. The spots are located in the Back Bay, in the heart of the city, where space is at a premium.
The man with the back taxes reportedly purchased the tandem spots in 1993 for $50,000. So it was actually a good investment if you look at the ROI. Another tandem parking spot a couple blocks down Comm Ave from this seizure held the record for a single parking spot at $300,000.
In this auction, Tim Smith – the IRS liquidation specialist, started the bidding at $42,000 and within 15 minutes, they surpassed half a million dollars. Other bidders gradually dropped off as the buy price crushed the previous record. Fortunately, the money will go to a good cause – paying off unpaid back taxes for the delinquent taxpayer.