Everything you want to know about tax lien: a sneak peak

admin — Tue, 16 Nov 2010 11:47:24 +0000

A tax lien is a government’s method to secure pending tax payments that crossed its last date of full payback. It is levied on private property or real estate. It includes not only the original tax amount but also its interest and any cost involved in notifying the defaulter. For example- you have purchased a property whose taxes are pending; the government will take taxes from you although the previous owner was actually responsible for tax payment. Here, in USA the tax lien is not limited to income tax, gift tax, etc.

Repayment of tax lien is done using any of the following methods:-

ESCROW A/C,
Recovered from closing costs of sale proceeds of a defaulters property during foreclosures,
The property is seized and sold.
A tax lien certificate is given along with an accompanying right to an investor.

Federal tax lien procedure is mentioned in section-6321 and section-6322.

The state of Washington doesn’t levy income tax (personal as well as corporate). It’s main source of income is from sales tax, business and occupation tax, etc. It is otherwise a taxpayer heaven. If you find yourself trapped into a tax lien situation, you should consult a lawyer specializing in Washington Tax Liens .

What are the things that you should know about Tax Lien?

admin — Tue, 09 Feb 2010 09:45:42 +0000

When people faces problem to make the payment of property taxes, the government sometimes offers Sales Tax only at tax lien auction to the public. At the time when there is no income or less earning, this is a step from where you can get some income. When it is a Tax lien Sales matter, it just a certificate that is purchased or sold, but not the authentic land or property.

In order to clear the tax that is due to the purchaser who purchase through tax lien will be giving an amount for the original owners. The property owner has to repay the amount that includes all tax amounts which are accrued and sum of the penalties and all the administrative cost that involved to the buyer, in return paying the money to the owner. If the property owner failed to do the same then the buyer will be allowed to access to own property.

The Tax Lien sale is a public sale and will set up like an auction to collect all the debt of the delinquent tax payer. This type of Tax lien Auction will be organized by the government that is happening once in a year. Form state to sate the sale’s term may vary from the governments.

You need to contact with the government officials, if you want any more information or any specific details regarding the property sale and for the documents that you will need before purchasing the property. You should gather more and more information as Tax Deed Sales or Tax lien sales will vary from each other in the terms of rules and guidelines. That is why you need an experienced tax attorney who can show you the correct path as they are well aware about all the rules and guidelines.

Useful Resource:
If you are in any problem with your Income Tax or tax liens, tax audits, tax returns, tax evasion, tax fraud, tax court or any problem related to IRS audits in Virginia Please contact with Burton J.Haynes to find the best Virginia tax lien lawyer.

Suffolk Tax Lawyer Blog » Tax Lien

Everything you want to know about tax lien: a sneak peak

What are the things that you should know about Tax Lien?