Wanting to sell you your home? But wait, there is an IRS tax lien on your home. Can you still sell your home? Selling your home with an IRS tax lien can be challenging, but it is possible. An IRS tax lien is a legal claim against your property due to unpaid taxes, and it attaches to all your assets, including real estate. This lien must be addressed before the sale can proceed smoothly.
When selling a property with an IRS tax lien, the lien does not automatically disappear. The IRS has the right to claim proceeds from the sale to satisfy the debt. However, there are several ways to manage this situation. Begin with contacting a tax professional like Marcelino Dodge, EA, CTRC to discuss your situation and to learn your options. If your are unable to payoff the IRS in full and get the lien released, then you could request subordination, which allows other creditors, such as your mortgage company to take priority over the IRS.
It's important to communicate with the IRS and seek assistance from a tax professional to have a successful sale of your home. Proper handling of the tax lien can help you to move forward with the sale of your home without the burden of unresolved tax issues.
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