There’s nothing more frustrating than the IRS putting a tax lien on your home. This is one of the worst IRS tax problems that a taxpayer can face. No matter your financial situation, the IRS may end up putting a lien on your property if you have tax debt. The best way to avoid a lien is to get up-to-date with your taxes or apply for a suitable IRS debt relief program. Dallas IRS attorneys can provide you with the best help when seeking IRS tax problems resolution pertaining to a tax lien. In this blog, we are going to share a concise guide to handling a tax lien on your home.
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What happens when the IRS puts a lien on your home?
Before imposing a lien on your home, the IRS will notify you about your tax debt through a Notice and Demand for Payment. In the event that you ignore the notice and don’t pay the debt within a set period of time, the IRS will impose a lien on your property. If you fail to respond after receiving a notice, the agency will file a “Notice of Federal Tax Lien”. This alerts creditors that the federal government has the legal right to your property. When this happens, you cannot utilize your home as a financial asset. You will face difficulties refinancing or selling your home until the lien is discharged. A lien can also restrict your approval for credit from lenders. It’s worth noting that even filing for bankruptcy will not get rid of a lien. This makes a tax lien one of the most frustrating IRS tax problems that definitely call for the help of a tax debt lawyer.
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Getting rid of a lien
If you want the IRS to remove a lien from your home, you need to take immediate action. Hiring a tax debt lawyer is the best route as you can leverage their experience in helping taxpayers resolve IRS tax problems. The simplest way to get rid of the lien would be to pay your due amount as soon as possible. The IRS generally releases liens within 30 days of full payment of outstanding taxes. If you are unable to pay the full amount, there are other options to get the lien lifted, such as applying for an OIC (Offer in Compromise) or IRS payment plan.
Final word
Whether or not the IRS will accept your request for lien discharge ultimately depends on your financial condition and how well you handle the case. This is where the expertise and experience of tax problems lawyers plays a crucial role. If you are looking to get IRS problems help from a trusted Dallas tax law firm, look no further than the Law Offices of Nick Nemeth. Our highly experienced team has access to all the IRS locations in Dallas. For a no-obligation consultation on how we can help you find the best IRS problem resolution, call (972) 426-2553 or fill out our contact form.