Tax Liens on Your Property? How to Take it Back

It’s bad enough that you have a tax debt to the IRS, but it can easily become much worse if you have a tax lien against your property. Essentially, this means that the government, through the IRS, is making a claim against it.

Taking Back Your Liened Property

It’s not too late to get it back, though. The IRS has in fact introduced a new program that aims to help people avoid liens easier. One of such methods is by increasing the ceiling for tax debts before the liens are filed. The new rule is set at $10,000, which means that until your tax debt reaches this amount, you won’t have to worry about your property being liened.

That’s the preemptive measure, of course. If you already have your property on lien, however, then the solution that you should be working on is on paying off your tax debt in full. Then again, obviously the cash is the issue, because otherwise, you would not have the tax debt problem in the first place. For this, the IRS has put in place the option for installments. Here, you can have as much as 72 months to pay the government back with the money you owe them.

There are other available options, too, like “discharging” your property or putting it under “subordination”. Regardless of what you choose to do, though, the bottom line is that your tax debt will have to be paid one way or another. And you’d want to do it faster if you want to clear it fast. Hiring a tax attorney could help you work out a feasible strategy, so talk to one as soon as possible.




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