Protect your property from liens and levies
What liens and levies are, how they can impact you and how to get rid of them.
- TaxSolve Editorial Team
If you’re facing a tax lien or levy from the IRS, it’s crucial to act quickly to prevent further damage to your finances. Our experienced team of tax resolution experts can help you navigate these challenges and find the best possible solution.
What is a lien?
A tax lien is when the government places a legal claim on your property because you haven’t paid your taxes. It’s their way of saying, “We have a right to your property until the debt is settled.”
What it means for you: It can affect your credit score, making it harder to get loans, mortgages, or even rent an apartment.
How it works: First, the IRS lets you know you owe money. If you don’t pay up or make arrangements, you’ll get a final notice warning that they’re about to take action. If no action is taken, they file the lien, which becomes public record.
What is a levy?
A tax levy is when the government actually takes your property or assets to pay off your tax debt.
What it means for you: Unlike a lien, which just places a claim, a levy means the IRS can seize your assets, like your house or money from your bank account.
How it works: A tax levy is issued after a Notice of Intent to Levy and Final Notice of Intent to Levy have been sent, giving you a window of time to resolve your debt. If you don’t act, the IRS or state tax authority can initiate a levy.
Frequently asked questions
Can the IRS take my house or car?
How long do tax liens last?
A tax lien generally remains on your credit report for up to seven years after the debt is paid. If the lien is not satisfied, it can last even longer.
What happens if I don’t take action on a levy?
Can TaxSolve help me with my lien or levy?
Protect your property
TaxSolve can help you keep your hard-earned money safe from the IRS. Give us a call at 844-938-1040 or fill out the form below to get started.