I am the executor of the Estate that owns Real Estate valued at well in excess of $500,000 and the estate owes roughly $25,000 in back personal income taxes on behalf of the deceadent to the IRS. Once the IRS places a lien on the Real Estate owned by the Estate, how long does it take before the IRS is able to force the property for sale or auction?
2007-08-23 11:00:49 · 2 answers · asked by fa98 2 in Politics & Government ➔ Law & Ethics
Selling the property is not an option as it has been in the family for many years and is historically a very important piece of real estate.
We will be able to pay off the IRS in full over the next four months, although, I am I am concerned about the auction process between now and then.
If they place a lean on the property, how long after they place the lien before the IRS is able to force the sale of the Real Estate?
2007-08-23 12:47:05 · update #1
Sell the property yourself and pay off the KGB. A second, or ever a third mortgage would be better than owing the IRS.
Note: I did not misspell KGB.
2007-08-23 12:42:37 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
They have to go to court and get a order for the sale, then a deputy us marshall holds the auction and distributes the money. If the property is worth that much, why not just sell it and pay them off?
2007-08-23 11:17:36 · answer #2 · answered by Anonymous · 1⤊ 0⤋