My father has a tax lien on his house for 80,000. He just received another letter stating he now owes 128,000. He has been trying to compromise with them but so far they are not interested because he has too much equity in his home. He do not seem to settle with them. When he passes away does my mother become responsilbe for the lien, and if they both pass away am I now responsible for the lien?
The lien stays on the house until 1) they foreclose on it, 2) the house is sold, or 3) the debt is paid off and the lien released. Neither your parents or you will be able to sell the house unless there is enough money to pay both any remaining mortgage and the IRS lien.
on May 27th, 2009 at 1:41 am
The lien stays on the house until 1) they foreclose on it, 2) the house is sold, or 3) the debt is paid off and the lien released. Neither your parents or you will be able to sell the house unless there is enough money to pay both any remaining mortgage and the IRS lien.
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on May 27th, 2009 at 2:02 am
I'm not an expert on taxes but I don't think your mother would be responsible for the home unless her name is on the title. If they both pass away without any kind of tax shelter, the estate pays taxes. Basically the house is eventually siezed and sold, especially if theres equity. You all need to get with a tax attorney ASAP
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