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Video instructions and help with filling out and completing Irs tax lien joint tenancy
Today we're here to talk about how to file taxes in a community property state there are a number of states that our community property states Arizona California there's a whole slew of them but if you happen to live in one of these states and you want to file separately then it comes into play if you're married filing jointly it really doesn't have a lot of impact so this is mostly for people who want to file married filing separately be aware that one of the issues that you have to contend with is that on your property you'll have to split all of your property 5050 with your spouse and all of the income and deductions allocated to the property will be split 50/50 when I say property I'm referring to community property if there are there are properties that are owned by you exclusively or by your spouse exclusively then they will be treated just on that individuals return you won't won't have to divide those on both returns separate property would be property that you had owned before your marriage sometimes if you acquire property in a non community property state it may be considered separate property same thing with income if you earn income in a non-profit non community property state or before you were married that may be considered separate income and won't be part of the community property split also if you were given either in if you had an inheritance or were given property or income that was given to you that even during the marriage that may be considered separate funds and not part of the community property equation and lastly if you purchase property separately during your marriage with separate funds then that that too may be separate property and not part of the community property equation now there are a whole slew of rules and regulations that surround the issues of community property and you will need to really take a good look at those rules and regulations and possibly get a tax professional involved before you file your taxes because it can become a little complicated.
FAQ
California Joint Tenancy Law: Can I foreclose on the joint owner of a property if I have a lien against their interest and they continue to occupy the property, devalue my interest, and not contribute to any expenses (property taxes etc) for years?
Interesting question..because you start with the assertion of Joint Tenancy. Joint Tenancy presumes title that is “mixed”. Think coffee and cream, rather than oil and vinegar. Makes foreclosing pretty tricky…If your lien, as you have described it, is something you can actually foreclose on in light of the issue in how you and the other party hold title, you should not have a problem with the ongoing issues of problem occupancy that you describe.After a foreclosure transfers their ownership to the foreclosing lien holder, or a 3rd party bidder at the Trustee sale, it would be typical to finish the process with an eviction.I have to say “talk to an attorney” so, go do that. Most of them won’t have a clue about how to answer you. More important than an attorney (my opinion) would be a foreclosure trustee. You wont get anything done unless you have a foreclosure company agreeing to take a foreclosure all the way to trustee sale….and they are not going to say “yes” to, you until they have checked with their own attorney.
How can I do an IRS tax lien search?
Hello there,While you might not be able to get to the county courthouse, you do have access to the Internet. The good news is that many states now have online systems for accessing certain recorded or filed documents.While we don’t know what state and county you live in, if you are looking to see if the IRS has filed a tax lien against you or your home, there are several possible ways to find out that information.The first way to see if a tax lien is filed specifically against your home is to review the recorded document history for your home. Usually, IRS lien documents are filed at the state level and they may be filed at your county level as well.If you are looking at the state level, the Secretary of State for the state where you live may have a website that allows you to search a database and see if your name is on it. While it’s a bit much to describe the method used in each state, you can probably do a web search for your state and also search “IRS tax liens” at the same time.Once you find the place to search at the state level, you can then see if your name is on the list. Then, you can move to your county level and see if the specific records for your locality show that the IRS lien has been filed against your property.Each state’s search process and each state’s method for filing IRS tax liens may differ slightly. The essence will remain the same. The IRS can file a general tax lien against you to give third parties notice of a claim the IRS has against you. Then, the IRS can file a specific lien against your property to make sure that possible buyers of your assets are put on notice of the right the IRS has against your real estate.Before investing in residential or commercial property, ask our team of professionals to remove your uncertainty by conducting a lien records search. A lien search will determine if a state or federal tax collection agencies have placed a lien on the property. A lien indicates that the owner may owe back taxes on the property, and until these taxes are paid, the owner may not be able to sell the property. While you can offer to pay back taxes as part of the sale price, it is best to carefully consider your options as the amount owed may not justify your financial investment in the property.Contact Riverway Title insurance for lien search, title insurance, paperless closer, limited title search.For more detail: Texas title company, TX Real Estate Agents | Riverway TitleThank You!! Hope this helps.
For taxes, does one have to fill out a federal IRS form and a state IRS form?
No, taxes are handled separately between state and federal governments in the United States.The IRS (Internal Revenue Service) is a federal, not state agency.You will be required to fill out the the necessary tax documentation for your federal income annually and submit them to the IRS by April 15th of that year. You can receive extensions for this, but you have to apply for those extensions.As far as state taxes go, 41 states require you to fill out an income tax return annually. They can either mail you those forms or they be downloaded from online. They are also available for free at various locations around the state.Nine states have no tax on personal income, so there is no need to fill out a state tax return unless you are a business owner.Reference:www.irs.gov
Does every adult US citizen have to fill out an IRS tax return?
They don’t.If you earn no income. you don’t have to fill out a return.If you earn under a certain amount, you don’t have to fill out a return.If you earned money and had an adequate payroll deduction to earn a refund, you don’t have to fill out a return (you would however, forfeit your refund by doing so).Whether to file a return depends on your income, your situation and in some cases, whether you wish to collect a refund due to you.
How long does the IRS have redemption rights if a property sold at a tax sale had an IRS lien?
Property tax liens generally come before ALL other liens, mortgages, etc. Further the IRS does not generally avail itself of any redemption rights.A client of mine’s mother foreclosed on a mortgage covering a parcel of property owned by the client that attached before an IRS lien • the IRS made no attempt to redeem. The mother made off like a bandit (her mortgage was about $100K and the property worth $300K) since the IRS Lien came in front of all other liens but hers the other creditors went away.
How many tax forms does a small startup usually have to fill for the IRS?
It depends. Have you set up a separate legal entity, such as a C corporation or an LLC? Are you operating as a sole proprietor? Are you referring specifically to income tax returns? Depending on what kind of business you have, you may include additional schedules, election statements, informational forms to supplement your income tax returns.
How do I remove a paid IRS tax lien from my credit report?
How to Get Rid of a LienPaying your tax debt - in full - is the best way to get rid of a federal tax lien. The IRS releases your lien within 30 days after you have paid your tax debt.When conditions are in the best interest of both the government and the taxpayer, other options for reducing the impact of a lien exist.Discharge of propertyA "discharge" removes the lien from specific property. There are several Internal Revenue Code (IRC) provisions that determine eligibility. For more information, refer to Publication 783, Instructions on How to Apply for Certificate of Discharge From Federal Tax Lien (PDF) and the video Selling or Refinancing when there is an IRS Lien.Subordination"Subordination" does not remove the lien, but allows other creditors to move ahead of the IRS, which may make it easier to get a loan or mortgage. To determine eligibility, refer to Publication 784, Instructions on How to Apply for a Certificate of Subordination of Federal Tax Lien (PDF) and the video Selling or Refinancing when there is an IRS Lien.WithdrawalA "withdrawal" removes the public Notice of Federal Tax Lien and assures that the IRS is not competing with other creditors for your property, however, you are still liable for the amount due. For eligibility, refer to Form 12277, Application for the Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien (Internal Revenue Code Section 6323(j)) (PDF) and the video Lien Notice Withdrawal.Two additional Withdrawal options resulted from the Commissioner’s 2022 Fresh Start initiative.One option may allow withdrawal of your Notice of Federal Tax Lien after the lien’s release. General eligibility includes:Your tax liability has been satisfied and your lien has been released, and also:You are in compliance for the past three years in filing - all individual returns, business returns, and information returns,You are current on your estimated tax payments and federal tax deposits, as applicable.The other option may allow withdrawal of your Notice of Federal Tax Lien if you have entered in or converted your regular installment agreement to a Direct Debit installment agreement. General eligibility includes:You are a qualifying taxpayer (i.e. individuals, businesses with income tax liability only, and out of business entities with any type of tax debt)You owe $25,000 or less (If you owe more than $25,000, you may pay down the balance to $25,000 prior to requesting withdrawal of the Notice of Federal Tax Lien)Your Direct Debit Installment Agreement must full pay the amount you owe within 60 months or before the Collection Statute expires, whichever is earlierYou are in full compliance with other filing and payment requirementsYou have made three consecutive direct debit paymentsYou can’t have defaulted on your current, or any previous, Direct Debit Installment agreement.How a Lien Affects YouAssets • A lien attaches to all of your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien.Credit • Once the IRS files a Notice of Federal Tax Lien, it may limit your ability to get credit.Business • The lien attaches to all business property and to all rights to business property, including accounts receivable.Bankruptcy • If you file for bankruptcy, your tax debt, lien, and Notice of Federal Tax Lien may continue after the bankruptcy.Avoid a LienYou can avoid a federal tax lien by simply filing and paying all your taxes in full and on time. If you can’t file or pay on time, don’t ignore the letters or correspondence you get from the IRS. If you can’t pay the full amount you owe, payment options are available to help you settle your tax debt over time.
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