If you have IRS troubles, it might be smart to sell your home with back taxes before you lose leverage. As noted certified public accountant David L. Mortimer of Alexandria Virginia says, if you know an IRS tax lien is coming, the best plan is to sell your home pronto, before the line arrives. In case you misunderstand, time is of the essence, especially if you have equity in the property.
An IRS tax lien carries clout and weight. In fact, an IRS tax lien can stay on your credit report for seven years after the debt is retired. There are few things more difficult than obtaining credit with a tax lien over your head. And, if you have cash on hand and/or equity in your home, the IRS is not bashful about acting in their best interests.
The best time to negotiate a settlement with the IRS is when you have money to offer a settlement. Otherwise, the IRS will wait you out and apply more pressure than anyone wants.
How the IRS Moves
Tax attorney E. Martin Davidoff of Dayton, Ohio, says; “You typically need to owe $5,000 or more before an IRS tax line is triggered.” But, sometimes it is hard to predict how the IRS will behave.
Tax attorney Elizabeth Gonsalves of Encino CAS elaborates; “IRS tax liens on homes are generally triggered whenever the IRS perceives it will be difficult to collect the full amount you owe within the statute of limitations for the payment of IRS debt, which is 10 years.”
IRS tax liens are only filed when a liability is assessed and a notice and demand for payment are served upon you and you fail to retire the obligation within 10 days. Even after a tax lien is filed, the IRS will not force you to sell your home with back taxes.
But, if you want to sell your home, the IRS is very likely to seize any proceeds above and beyond the secured debt. You may only receive the balance of money after the secured lenders and the IRS are paid in full. If you attempt to refinance, the IRS poses a serious obstacle unless the proceeds will be paid directly to the government.
How to Sell Home with Back Taxes
If you think the IRS will be filing a lien, your best bet is to sell and close fast! Time is the enemy. This means you do not have time to list your house, show the home to numerous potential buyers, wait for an appraisal and mortgage approval, pay for cleanup and repairs and then wait for lawyers to get their acts together.
You need an action plan with a qualified buyer who will buy in “as is” condition without contingencies and who is prepared to pay cash and close yesterday. To sell home with back taxes and receive equity, you need to contact SellYourHomeFastOnline.com.
Here’s a buyer that will return your call quickly, offer you an all-cash, contingency-free offer and close as soon as humanly possible. When you sell home with back taxes to SellYourHomeFastOnline.com, there are no delays, no hassles and no hidden expenses.
The proceeds from these sales are for you to spend as you want. If you choose to settle with the IRS, your position will be stronger because you will have cash and can make a solid cash offer. Even if it is not the full amount of the line, you may still be able to make a settlement and get the lien lifted. At the very least, you should be able to structure a repayment plan.
IRS liens are serious business. But, preserving the equity in your home before it is attached by the IRS is serious too. To sell your home with back taxes fast, contact SellYourHomeFastOnline.com and start packing your bags!