CT IRS Tax Lien - How To Deal With Your IRS Tax Lien
I couldn't agree more with the CT IRS tax lien article written below by Attorney Eric Green. If you are currently trying to sell your home or planning to sell your home in the very near furture, it's important to determine whether there is a CT IRS tax lien attached to it. Why? Simply put.....because you won't be able to sell your property until the lien is released or an agreement has been made with the IRS. And more importantly however, you may be liable for additional damages if you or your real estate agent don't address or disclose it before you go into escrow.
If you are in need of an IRS tax professional or help with your CT IRS tax lien, I highly recommend the services of Attorney Eric Green. Eric recently worked with a seller client of mine and he was able to reduce his tax lien by more than 65%. Thus, my client was able to sell his property and purchase a new one without any delay. For additional information about Eric check out his website at www.tax-genius.com.
Are you trying to work with someone to sell real estate who has an IRS lien attached to it? This is not an uncommon situation, and will only become more common as the 2009 income tax returns roll into the IRS this year.
As of December 31, 2008, more than 9.2 million taxpayers were in the IRS Collection Division inventory! What makes this number more incredible is that the inventory number reported by the IRS as of December 31, 2008 includes only the returns filed at that time: 2007 and prior.
We represent a number of taxpayers sent to us by real estate professionals trying to get a deal closed only to run into a wall with the IRS.
Selling a piece of property out from the under an IRS Lien is easier than a refinance. When we represent taxpayers trying to sell their property there are really only three options:
- The IRS Tax debt will be paid in full;
- The IRS tax debt will be partially paid; or
- There is no equity for the IRS, which is often the case of a short-sale or foreclosure.
If the available proceeds will pay the IRS in full a simple payoff statement from the IRS Lien Unit is required, no different than any other secured creditor. Upon payment, the IRS will issues a lien release. However, professionals should note that for an immediate release the IRS must receive a cashiers or certified check. Otherwise it will hold the release for 37 days to make sure the taxpayer's personal check clears. Real estate lawyers should also know that checks cut from an IOLTA trust Fund account are treated as personal by the IRS and will not facilitate an immediate lien release.For a partial pay or no equity discharge, the taxpayer will need to demonstrate to the IRS why is cannot be paid, including real estate values, secured creditors ahead of the IRS, closing costs, etc. Our office puts together these requests frequently for real estate professionals and their clients when a pending closing is held up by an IRS Lien issue in Hartford, CT as well as other areas of the country. We represent taxpayers in a number os states seeking help with an IRS lien.If you should have any questions or concerns about how to deal with an IRS Lien in Hartford, CT or elsewhere, I would be happy to help. Please feel free to contact me anytime at (860) 657-9040 or e-mail me at egreen@convicerpercy.com.
Eric L. Green, Esq.
Tax Counsel
Convicer & Percy LLP
Phone: (860) 657-9040
E-Mail: egreen@convicerpercy.com
Website: www.convicerpercy.com
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