Mar 18, 2008

Q & A: Settling IRS Debts and Your Home

QUESTION: Is it possible to settle tax debt to the IRS without giving up your home?

ANSWER: You may establish various payment arrangements to pay your tax debt with the IRS. Regarding your residence, the IRS may not seize any real property used by you as a residence to satisfy a tax liability (including penalties and interest) of $5,000 or less. In any case, seizure of your principal residence cannot occur unless by written approval of a federal district court judge or magistrate. Be advised, however, that a lien may be recorded by the IRS to protect its interests until the tax debt is paid in full.

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