How to Eliminate Tax Lien

By dhinternational  /  May 9, 2013 / Comments Off on How to Eliminate Tax Lien

How to Eliminate Tax LienA recorded tax lien could be the end to a taxpayer’s credit rating. It may prevent your ability to finance or sell real estate property. However, it cannot affect your right to sell vehicles, jewelries, and other personal properties. So, avoid tax lien in the first place. This is the best way of dealing it.

Tax lien may just be a red mark on the credit report for some people. However, once you receive an IRS letter for the lien, you must respond to it right away. Contact the IRS immediately with the contact number/s provided on the letter of notice. Explain to them that a tax lien eliminates your chances of getting a bank loan or any other transaction that needs credit. But if you fail to convince the IRS to prevent the recording of the lien, here are some options after its filing:

Full Payment
Pay the full amount of tax debt owed. If you do this quickly, the IRS can then record a release of the lien within thirty days of full payment.

Lien Appeal
It is recommended to file an appeal against the lien. A written notice would be provided to the taxpayer by the IRS after filing of the lien. They do this in five business days. There would also be a notice of your right to request a hearing within thirty days, after the filing of lien on the sixth day. The lien would only be withdrawn if you win the appeal. So, act quickly if you want to be free from IRS tax lien listings.

Partial Discharge Request
If you have several properties that are hampered by the lien, you can use them to pay the IRS for your debt. The IRS would likely do this if you ask for a discharge from the lien.

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