Documenting his actions on video, Terry Hoskins bulldozed his home in Moscow, Ohio, after his local bank began foreclosure proceedings. IRS tax liens on business properties owned by Hoskins were filed on his home. Hoskins had never missed a mortgage payment. In fact, he was never even late on a payment on his home. The decision by the bank to foreclose on his house in response to the IRS tax liens enraged him. “When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it — no, I wasn’t going to stand for that, so I took it down,” he told a local news station.
In a Tax Protest, Terry Hoskins Bulldozes His Own Home
The bank moved to foreclose on the home, even though Hoskins claimed he had received a $170,000 offer on the property from an interested buyer. “As far as what the bank is going to get, I plan on giving them back what was on this hill exactly [as] it was,” he said. “I brought it out of the ground and I plan on putting it back in the ground.” There is no question that the reaction of Terry Hoskins to possibly losing his home and his property was extreme to say the least.
With the amount owed to the IRS, Terry Hoskins could have avoided such insanity if he had consulted with a tax professional like Peter Stephan. Business owners in a tax crisis often become stuck and do nothing. By taking action and having a skilled professional like the Tax Experts at the Tax Resolution Institute work out a settlement with the IRS when the crisis first arises, business owners can avoid the horror that Terry Hoskins experienced. And the story only gets worse…
Hoskins is now facing outstanding tax liens on his carpet business, and he is considering the option of continuing his demolition derby and taking out his business before the authorities can seize it. The IRS filed the tax liens against the business and his commercial property after his brother sued him as a former business partner. He leveled the home with a bulldozer, and Hoskins is threatening to do the same with the business before it goes up for auction next month.
When asked about the Terry Hoskins case, tax professional Peter Stephan of the Tax Resolution Institute pointed out that such extreme emotional reactions never need reach such a point of volatility. It is like shaking up a coke bottle and being surprised when the carbonated soda shoots out when it’s opened. By avoiding IRS tax problems, a taxpayer shakes up the financial security of their future. As Peter Stephan clearly explained, “If Terry Hoskins had called the Tax Resolution Institute when his tax crisis first arose, he never would have had needed the bulldozer in the first place.”
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