I represent taxpayers in Mount Laurel and the rest of New Jersey who owe back tax debt. And lately there have been a lot of IRS Tax Lien Problems.
When you have a tax lien, you worry about many things like am I able to sale my house, but I can’t. Yes, you can! How do you deal with tax lien? Well, the options are discharge, subordination, withdrawal, etc..
Just for clarity, you do not discharge a lien. You discharge an asset from under a tax lien. A tax lien is like an umbrella over an asset. When you want to discharge a tax lien, you are basically asking IRS to let you take your house out from the umbrella and sell it. The point of the tax lien is to protect IRS’s interest, IRS interest is your equity in the property.
A subordination is when you ask IRS to allow another creditor which can be the bank who hold your mortgage loan to take a higher priority position over the IRS tax lien. You must be able to prove IRS that when they allow you to do this, it will be easier to pay them.
You can have your tax lien withdrawal, but your tax debt must be under certain amount that includes penalty and interest at the time of the request for withdrawal. You must have made 3 consecutive direct debit payments.
Taxpayers can discharge, subordinate or withdrawal an IRS Tax Lien.
309 Fellowship Road, suite 200
Mount Laurel, NJ 08054