Do you know what a real estate tax lien is? If you do, then you understand why the Internal Revenue Service (IRS) do what they essentially do. Generally, those that don’t pay taxes are fairly aware of what a property tax lien is.
The federal government could place a lien on any kind of residential or commercial property such as a house, land, car, bank account, and sometimes a company. This is IRS making the
Take Action Right Away
As soon as a lien is put on a property, almost instantly the rest of your property will have a lien as well if the tax stays unsettled. There is one means to stop all this and that is to pay the debt. It is a responsibility we could not avoid and this isn’t really the type of debt one could escape from.
A lien will seriously influence your credit rating. The lien placed by IRS would become a public document, one that sticks to your name for a long while. Furthermore, the penalties and interests should be paid for first on top of the taxes owed before the property is released.
It’s Not Just The Current Property
While there is a lien, any new purchased property will certainly will have a lien as well. Unless all of what is owed is settled, there is no stopping the government from putting a claim on any of your properties. If your better half or spouse is thinking about buying a new place, we suggest that you do it once everything is cleared off.
Negotiate
If you cannot pay in full right away, IRS is willing to work with you on terms that would be beneficial for all. Here’s a couple of scenarios where IRS might provide a Withdraw or Release of the Notice of Federal Tax Lien:
– The taxpayer pays a reduced quantity of tax by approach of an Offer in Compromise.
– Submit a Certificate of Discharge in case your house has been sold.
– There was a mistake on the process during the property assessment.
– The taxpayer was not provided a fair chance to dispute the claim.
Save Effort And Time
If all this appears like a lengthy stretch of legal fight to maintain your house and it takes too much from your to take care of the problem with so little time in your hands, consider speaking with one of our real estate agents. RealSprout is a real estate agency all set to provide a helping hand to those that terribly need to escape a troublesome house.
We buy houses in Los Angeles from any individual that desires to sell, irregardless of the reason for selling. If it is concerning no equity or property liens, concerning job loss as well as economic instability, or you just want to relocate for good; you’ve come to the right place!
Visit qrel.com to learn more!