A tax lien is imposed by the IRS as a way of collecting payment of taxes. A lien can be imposed for a number of reasons including not paying income taxes, or taxes owed on real estate, etc. Simply put, a federal lien is a way for delinquent taxes to be collected when the taxpayer is not cooperating. It is much better to cooperate with the entity that you owe taxes to than it is to deal with a tax lien.
Tax
liens on real estate are often times confusing. This is because the
lien stays with the home instead of the person who did not pay the
taxes. In theory, you could buy a home with a lien against it and then
be responsible for paying the taxes. This is not something that you
should want to do, but it does happen from time to time. Those buying a
home need to be very careful when checking out the property. If there is
a lien on the home you want to buy you need to think long and hard
about what this means.
A federal tax lien is imposed by the IRS and is used to collect a variety of tax including income tax, gift tax, etc.
Sec
6321 Lien for Taxes in the IRS code explains this in a simple to
understand format: If any person liable to pay any tax neglects or
refuses to pay the same after demand, the amount (including any
interest, additional amount, addition to tax, or assessable penalty,
together with any costs that may accrue in addition thereto) shall be a
lien in favor of the United States upon all property and rights to
property, whether real or personal, belong to such person.
A tax lien, no matter the purpose, is something you never want to deal with.
The sky is the limit.If you are interested in learning more about Tax Deeds and Liens, you should click on the link below. It is a great place to get started if investing in real estate is what you are looking to do. Yes, you can still make a fortune in Real Estate with this Ultimate Real Estate system. >>> http://bit.ly/1ukjzFZ
The sky is the limit.If you are interested in learning more about Tax Deeds and Liens, you should click on the link below. It is a great place to get started if investing in real estate is what you are looking to do. Yes, you can still make a fortune in Real Estate with this Ultimate Real Estate system. >>> http://bit.ly/1ukjzFZ
For more information about tax liens, or for help removing them call our professionals at 1-800-765-0950.
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