Federal Tax Lien in Houston, WHAT NOW?
In today's post I discuss how to overcome a federal tax lien in Houston, Harris County and surrounding areas. https://www.houstontaxrelieflawyer.com
When the IRS files a Notice of Federal Tax Lien, it in effect, becomes a partner with you in your real estate. You can still sell your property, refinance your property, and give your property away. You just need your partner's ok.There are four specific actions you can ask the IRS to take.
First you can ask the IRS to discharge the particular piece of property from the lien. When the IRS files a lien it attaches to all your property.You can ask the IRS to exempt a particular piece of property from the lien.You would use this when you want to sell the property.By getting the IRS to release the lien on that piece of property, your home for example, the buyer would be able to get a title free and clear of the IRS lien. Second, you can ask the IRS to "subordinate their lien" to a new creditor. You would typically use this when you want to refinance your home to get a lower interest rate or a lower payment.Third, you can ask the IRS to withdraw the lien. You would use this when the lien is not valid under law or when the lien is causing a hardship that affects your ability to pay your back taxes. Fourth you can ask the IRS to release the lien. You would do this when you no longer owe the taxes specified on the Notice of Federal Tax Lien. Typically after a bankruptcy discharge or when the collection period expires.
The process can be complex. You need to know what forms to file, what IRS code sections to apply to your situation. You also need to supply the correct documentation and you need to explain to the IRS how it can benefit by granting you the requested lien relief.
When the IRS files a Notice of Federal Tax Lien, it in effect, becomes a partner with you in your real estate. You can still sell your property, refinance your property, and give your property away. You just need your partner's ok.There are four specific actions you can ask the IRS to take.
First you can ask the IRS to discharge the particular piece of property from the lien. When the IRS files a lien it attaches to all your property.You can ask the IRS to exempt a particular piece of property from the lien.You would use this when you want to sell the property.By getting the IRS to release the lien on that piece of property, your home for example, the buyer would be able to get a title free and clear of the IRS lien. Second, you can ask the IRS to "subordinate their lien" to a new creditor. You would typically use this when you want to refinance your home to get a lower interest rate or a lower payment.Third, you can ask the IRS to withdraw the lien. You would use this when the lien is not valid under law or when the lien is causing a hardship that affects your ability to pay your back taxes. Fourth you can ask the IRS to release the lien. You would do this when you no longer owe the taxes specified on the Notice of Federal Tax Lien. Typically after a bankruptcy discharge or when the collection period expires.
The process can be complex. You need to know what forms to file, what IRS code sections to apply to your situation. You also need to supply the correct documentation and you need to explain to the IRS how it can benefit by granting you the requested lien relief.
Any questions about IRS issues, contact me at (832) 699-1070 or by email at Charles.Zagara@gmail.com.
Also, check out more of my tax answers at AVVO, or my more detailed legal guide at
YOU HAVE A FEDERAL TAX LIEN SEPARATING FACT FROM FICTION
Charles Zagara
YOU HAVE A FEDERAL TAX LIEN SEPARATING FACT FROM FICTION
Charles Zagara
9950 Westpark, Suite 430
Houston, TX 770563
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