Don’t Lose Your Home to IRS Tax Lien Listings

Don't Lose Your Home to IRS Tax Lien ListingsTax debts come out for some reasons, expected or not.  Maybe you cannot afford the balance on the previous return or underpaid it accidentally.  Also, maybe you have a late filing on your annual return or forgot to manage quarterly payments.  This is true for independent contractors.  A delinquent balance on taxes would cause fines especially if you do not have the money to pay it back.

The IRS can file a tax lien against your property so that they can secure payment for back taxes.  They do this when you have reached a certain tax debt limit.  If you fail to pay it, the lien grants the IRS the legal right to claim your property.  And when you are under the power of the lien, you are unable to get credit, open a new bank account, or secure a loan.  Take note that you’re also not be able to sell the property or refinance it during this time.  If in case you are planning to purchase a new property, it would also be subject to the same penalties under the lien.

Always remember that a tax lien would still remain on your credit report even if you have resolved it.  It is strongly advised not to let be pulled down by it.  Do not suffer the consequence of losing your home to IRS tax lien listings.

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