An IRS tax lien is a claim made by the government against your property. This lien is laid in place when you neglect, or outright fail or refuse, to pay a tax debt. This lien is used to protect the government’s interest in all of your property. This property can include real estate, personal property, and all of your financial assets. If you fail to repay the IRS back taxes that you owe, the IRS can sell your property to the highest bidder to satisfy your tax debt.
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A federal tax lien is placed by the IRS on your property after it assesses the value of your liability, and then sends you a precisely itemized bill which explains in full detail exactly how much is owed to them. This notice is known as a Notice and Demand for Payment. If, after you have received this Notice and have neglected to honor it by paying it fully and on time, a lien will be placed. The IRS will file a public document, which is known as a Notice of Federal Tax Lien, in order to alert creditors that the federal government now has a full legal right to your property.
Paying your tax debt in full is the easiest and best way to get rid of a federal tax lien. The IRS will release your lien within 30 days after you have paid off your tax debt.