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Surprise IRS Tax Lien Almost Prevents Purchase of New Home
By Neil Cichon Published: 01/10/2010
Two years ago, we finally found the home of our dreams and made an offer on it. Our offer was accepted and so we put our house up for sale in the market and luckily, we found a buyer.
Everything was moving along nicely and we were looking forward to the big move, but then we hit a snag. We discovered an IRS tax lien on the home we were in the process of selling.
My wife and I had the vaguest idea where this tax lien could have come from. Nothing had ever come in the mail from the IRS to notify us of a problem. In fact, we didn't receive any statement that we owe back taxes. Apparently this problem had existed for a while, since we discovered it when we were selling the house in 2007, and the from the 2002 tax year.
I verified our 2002 tax filing online and it showed that we didn't owe any back taxes. The situation was far too complicated for me to handle and I thought that I should have somebody take care of the issues for us. Why spend time over things I couldn't understand? I decided that it is best to focus on our business rather than divert our attention in dealing with the IRS
What scared me the most was that filing a tax lien would mean the IRS had claim over our assets including the property we purchased after the tax lien was settled. From what I read online, this prohibited us from selling our assets or withdrawing equity from our assets as long as the IRS had an interest in those assets. The way I understood it, we would be continuing to work hard in our business with this tax lien hanging over our heads and the possibility of the government taking all we had worked for.
We found Preferred Tax Relief and began working with them. They work so fast and quick to address the problems with the IRS. They took care of the tax lien immediately that's why we were able to sell our house and move to the new house without delays.