I have a IRS lien filed against my Real Estate. How long do I have before the property is placed for auction?

Question

A lien was recently [July, 2007] placed by the IRS against a piece of Real Estate in New York that is owned by an Estate that I am the Executor of.

How long do I have from the time the lien was placed by the IRS to the time that the IRS forces the property for sale or auction? If the property is forced for sale or auction by the IRS is there some type of redemption period that I have?

The Estate does not want me to sell the Real Estate.

The estate will be able to pay the IRS what it owes within three months. Do I have that much time before the property is placed to auction or sale?

Answer 1

The IRS will not always force a sale. but as executor of the estate, you are required to settle all debits before the probate court closes the estate; so unless you have cash to settle, you'll have more issues with the probate court for failure to fulfill your job as executor than the IRS.

Sell

If you contact the IRS and advise them you are closing out the estate and need 90 days to pay out the lien, they will gladly accept that.

Answer 2

You need an an accountant and/or an attorney to help you with this. You claim you're the Executor of an Estate - from what you write here you are not the 100% OWNER of the estate. Consequently, if four people 'own' this estate, you only have a one-quarter share in the value of the estate. I don't believe that the IRS can put the lien on the entire estate -- only the portion you own. Liens on property are in most cases imposed upon those who owe money they cannot afford to pay back -- If you owed me money, I would want to put a lien against anything you have that is of value -- Then, even if I couldn't get the money immediately, I would have to be paid from the proceeds of any sale of that property in order for it to clear title. I can't imagine that even the IRS can force you to sell a property that is not wholly owned by you; it makes no sense that the other 'shareholders' would be penalized or forced to pay your debt. In any event -- you need specific tax law information and should not try to handle this without expert advice. If you insist on trying to go it alone, do visit the IRS site on line -- there is a wealth of information there, and since you are already on the hook with the IRS, you may as well call them up and talk to an IRS agent. You would be shocked at how helpful they are--and jumping through their hoops is not as difficult as you may imagine. Don't waste any time--the fact that you are taking this very seriously will bode well for you in dealing with the IRS. They are people just like you and I so just be truthful and ask for help.

Answer 3

Estates are a wierd area. What kind of lien is it, income tax for the deceased, estate tax, income tax that the estate owes? Who filed the lien, the ACS system or a revenue officer or a technical support advisor? Compared to the value of the property is it a little bit or is it overwhelming. If the estate is in probate court, IRS will let the court handle things and is unlikely to even consider a sale. Creditors have to be paid before heirs. First thing you need to to is bring the notice of lien to the attention of the attorney representing the estate.

Answer 4

there not going to force a sale i do home loans and help refi ppl out of irs liens all the time, im not trying to spam you or earn any bizz but i have seen them on credit for years, but get it paid off because there tacking on what? 28% interest

Answer 5

well, the estate better pay whatever the IRS is asking then. Contact the IRS for your timetable question

Answer 6

Talk to the IRS - if you are going to be able to clear this debt in three months, they'll almost surely work with you.