When you are about to buy a new home, there is already so much on your mind. You have to think about what neighborhood you want, how much mortgage payment will be, and more. One thing that does not need to worry you when buying a home is whether or not the IRS has placed an IRS tax lien against it. If they have, then this article can answer all of your questions!
Can I Buy a House if I Have a Tax Lien?
After you have searched for possible houses that meet your needs, budget, and tastes, one of the first things you will want to do is see if there is an IRS tax lien against it. If this is something you are worried about, then here is some good news: There is no rule or law that says that a house cannot be sold because of a tax lien. In fact, you can buy the house even if its owner has not paid their taxes.
How Do I Get Rid of the Tax Lien?
If there is an IRS tax lien against your new house, then you will definitely want to get rid of it as soon as possible. Here are some tips:
Sign Up With a Third Party: You can sign up with an IRS tax lien purchaser; these companies will buy your tax lien off of you for less than what you owe. This is your quickest and best option to get rid of the IRS tax lien, but it is also more expensive than hiring the best tax attorney to do it for you.
Get an Attorney: If you cannot afford to pay a third-party company, then you should talk to an attorney about removing the tax lien. This is much less expensive than using a third-party company, but it will take longer.
Ways You Can Keep Your Money Safe from an IRS Tax Lien
Many people wonder if they can keep their money safe from an IRS tax lien; the truth is that there are many ways to do this. Here are some tips:
Safeguard and Separate Your Bank Accounts – Just as you do with your house, it is important to separate your bank accounts from those of anyone else who may have access to them. The fewer people who have access to these accounts, the better!
Pay Your Taxes: Paying your taxes is one of the best ways to avoid an IRS tax lien in the first place; if you pay on time and in full every single month, then you will not have to worry about this issue.
Consult a Tax Attorney: If you find yourself dealing with an IRS tax lien, it is good to consult with a tax lawyer before buying a house. These professionals will help you avoid liens in the future and can also answer your questions about what you should do when you already have one.
By following these tips, you can be sure that your tax lien will not become a problem when buying your new house; if you have more questions about this topic or any other regarding IRS taxes, please consult with a Guardian Tax Law attorney as soon as possible. These professionals will be able to help you deal with the IRS and keep your money safe.
Guardian Tax Law
310 S Williams Blvd Ste 260,
Tucson, AZ 85711