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Avoid Wage Garnishments. Resolve Your IRS Tax Lien, Tax Levy. Reduce IRS Tax Debt.
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What Is A IRS Lien?
An IRS tax lien is something you will want to avoid when forced with paying taxes though it does provide low interest for the borrower. An IRS lien statute of limitations is 10 years for the extension of payment, and if it is not paid in 10 years then all the specified property is collected. An IRS tax lien will affect and appear on your credit rating. A lien could easily prevent you from refinancing your mortgage or taking out a loan in the future.
IRS Tax Lien
Though an IRS tax lien is undesirable; a tax levy is even worse. An IRS lien or levy are the two methods that the IRS uses to enforce or support the payment structure of a tax claim. An IRS tax lien is filed at the local county recorder to stop the owner from selling your home or even borrowing against it without first paying the lien off. And as bad as an IRS lien is on your property, it is nothing compared to a tax levy, because as long as you pay off your tax, the lien will be removed. A tax levy is the actual seizure of your property, other than wages which could also be garnished. Then your property can then be sold within 45 days. They will leave you certain property such as some furniture and tools because they are exempt in the levy. But only the very basics are left to you and your family.
Federal Tax Lien: A lien gives legal claim to your property and a Notice of Federal Tax Lien may be filed only after:
- IRS assesses the liability
- IRS sends you a Notice and Demand for Payment or a bill
- You neglect or refuse to fully pay the debt within 10 days after you are notified about it.
When these requirements are met, a lien is created for the amount of your tax debt. By filing notice of this, your creditors are publicly notified that the IRS has a claim against all of your property.
When your fine has been paid, IRS will issue a Release of the Notice of Federal IRS Tax Lien:
- Within 30 days after you satisfy the tax due.
- Within 30 days after we accept a bond that you submit, guaranteeing payment of the debt.
If everything is satisfied with the IRS, the lien is released automatically in 10 years, or you may have it reversed earlier.
This is merely basic information regarding a 1031 Exchange, make sure you consult with your trusted tax advisor or accountant to ensure that you have an in-depth understanding of all of the requirements and tax implications.
We thank you for visiting our directory, and wish you well in whatever endeavor brought you here. We are constantly adding new information and resources to our site, both general and state specific in nature, so check back often.
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