If you’re planning on selling or refinancing property this summer a federal tax lien can make the process difficult to say the least. But there are several options available that can help you. First and foremost, verify the lien to make sure the tax is still owed. If the tax has been paid or is no longer due, you can request that the IRS issue a Certificate of Release. More information about IRS federal tax liens and about how to request a release visit IRS.gov. Options that are available if the tax has not been paid and is still a valid liability include:
- If there is equity in your property the tax lien may be paid out of the sales profits at closing;
- you my request the IRS discharge the lien to allow for completion of the sale if the home is being sold for less than the lien amount;
- the taxpayer or the lender may ask that a federal tax lien be made secondary to the lending institution’s lien to allow for the refinancing or restructuring of a mortgage.
Larson Financial can help you resolve back taxes and tax lien issues. We strive to save our clients money, time and stress. Just as there are many different tax related problems, there are many options for tax resolution. Call us at 888-902-0778 for a free consultation. In a few minutes we will help you to better assess what options are best for your unique situation. Visit our website to learn more about a federal tax liens.