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?