2006-12-23 02:19:29 · 4 answers · asked by latonya j 1 in Business & Finance ➔ Taxes ➔ United States
It is an attachment, usually put on real property, for non payment of taxes, by a government organization. This means that you can not sell or transfer the property, until the amount of the lien is paid to the government agency.
2006-12-23 02:24:15 · answer #1 · answered by Beau R 7 · 2⤊ 0⤋
A lien is like a mortgage. The taxing authority, say the IRS, automatically has a tax lien when you owe them taxes. They can file a notice of the tax lien with the county recorder's office which gives them the right to foreclose the lien, but more importantly, the right to be paid when you sell or refinance the property. Filing notice of federal tax lien is usually the first step the IRS takes to collect taxes. If you are paying them on an installment arrangement, they usually will file a notice of federal tax lien to protect their position in case you default.
2006-12-23 20:50:02 · answer #2 · answered by mattapan26 7 · 0⤊ 0⤋
it means you owe the govt money and as soon as they want it, they can repossess your stuff and sell it to get their money back. If you try to sell it before they do, they send a lawyer and take it from you then.
2006-12-23 02:22:25 · answer #3 · answered by rachel 5 · 0⤊ 0⤋
something the gov't does to your assets....if its property, you can't sell it, unless you pay off your delinquent taxes.....however, the gov't can sell your property (house) to get the taxes paid.
2006-12-23 02:22:43 · answer #4 · answered by phoenix rising 2 · 1⤊ 0⤋