IRS Lien Help
I'm looking at a property which has a $16K Federal Tax Lien. I need the following questions answered, can anybody help.
1. Can I short this with the IRS
2. Whom do I contact for resolving the lien if I get the prop. under contract.
3. How long (generally speaking) would/should it take to pay off / short this type of lien.
4. Anything else I might need to know
THanks for all replies.
BiGWaVe----------------
The IRS will negotiate for the release of the property from their lien. You might be able to buy that release for less than the toal lien amount. The IRS still can go after the non-taxpayer for the remainder and go after any other assets still owned by the delinquent.
Look at a copy of the lien. On it will be a revenue officer's name and telephone number, as well as the office location.
Expect it to take a couple of months.
I don't know what else you already know so I won't guess at what you don't know and should know. I answered the questions that you asked, I think.
Good Investing********Ron Starr*********
Ron, Where can I find more info on the IRS liens and anything else on them. I also had a recent run in with an IRS lien and I dont know much about them. Anything will be of great help.
Thanks
pejames-----------------
Gee, I'm not sure. I suppose the first place to try would the IRS website.
After that, you might want to do a google on the topic on the internet.
Also, try the law library in your county.
I learned a lot from John Beck's "Forced Sale Workbook," but that publication is out of print.
Good Investing*********Ron Starr***********