IRS Form 433

[cindysuez]

Owe alot to the IRS but not much in assets. I have 2 cars with small car payments - almost paid off. I need to buy a newer car. Since I have to list the auto payments, balances and equity - how do I complete the auto portion on the IRS Form 433-F? Can I take the standard deduction, even though my car payment is less?

Will the IRS allow a 3rd car for my teenager?

[Mr. Knowitall]

As the instructions indicate, "List all cars, boats, recreational vehicles, whole life policies, or other assets that you own. If a vehicle is leased, write 'lease' in the 'year purchased' column. To determine equity, subtract the amount owed from its current market value."