Did You Receive a Tax Lien on Your House?

Tuesday, January 19, 2016

If you have an unpaid debt, then you can get slapped with a tax lien on your home in order to make sure the money is paid when you sell your house.  If this happens, you may panic, but the Strategic Tax Lawyers are reliable Los Angeles tax lien attorneys and tax lien experts and here are their tips about liens and legal claims against your personal property. 

A tax lien is an official document that is filed with the county government which lets the public know that you have an official unpaid debt. A lien secures payment to the government if that property is sold. This means that once that piece of property is sold, then the government will be paid the debt you owe, and if there is any left over, you will receive the remainder of the money.

There are different types of tax liens. One type is a federal, state, county or city tax lien on your property. If you have not paid your homeowner association fees, you may get a super lien. On average, the IRS files 70,000 Notices of Federal Tax Liens.

A tax lien is serious business, but the IRS, will work with taxpayers with major tax debt.  However, owing taxes to your state or city can be a bigger problem. Taxpayers can lose their homes for a debt of a few hundred dollars in taxes owed.  We, the Strategic Tax Lawyers, recommend paying back the smaller government debts first so you don’t lose your property. Every state differs when it comes to state tax liens and it depends on the state dynamics and budget. You should definitely pay your property taxes, don’t skimp out on those because then you will lose your home. That’s the law.  Also, if you have a federal tax lien, then your credit score will probably drop approximately one hundred points.  

There are definite ways to avoiding tax liens. You may be able to work out a deal with the IRS. A qualified tax lien attorney may be able to arrange a deal with the IRS. The IRS may allow subordination, so that financial lenders and creditors will remove their debts before the IRS does. Subordination can help the process to get a loan or mortgage.  There are also options for an Offer in Compromise, which a qualified tax lien attorney can assist you with to provide the taxpayer with an option to pay off the debt with an approved smaller amount.

Whatever happens, do not just ignore the lien notices. There are options for taxpayers these days which include installment agreement with the government or paying the back taxes slowly, making the debt smaller.

If you or someone you know received an official Notice of a Federal Tax Lien, you need a qualified tax lien attorney and tax lien experts in Los Angeles on your side.  Contact the reliable Los Angeles IRS tax attorneys at the Strategic Tax Lawyers, LLP for a free consultation to assist you with your tax-related issues. Call the Strategic Tax Lawyers at (800) 669-4775.