Ask the Tax Resolution Expert: Can Tax Liens Come Back to Haunt You After Two Decades?
Tax liens can be financially crippling. If you have questions about your IRS tax problems, such as IRS payment plans, offers in compromise, IRS tax liens, bankruptcy laws or have any other general tax questions, you can call our office at 1-866-IRS-PROBLEMS or visit www.taxresolution.com to answer your IRS tax questions!
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Question: In 1992 I lost my job and I had 2 tax liens discharged by bankruptcy in 1995. I lost house and had nothing left. Now years later I am doing well with high FICO score and I am purchasing a small house in NY state. The loan officer said that the tax liens are still showing on my credit as not discharge and I cannot close till they are removed. How do I do that?
I wish you had a site like this 20 years ago, it is incredibly helpful!
Answer: If these are federal (as opposed to NYS) tax liens, they should be released (the IRS does not “remove” them generally). However, any one “worth their salt” in the lending business knows that if a lien has been released it does not negatively affect your FICO score.
The tax liens can be released if a) you had no real property for the tax liens to attach to when you filed the bankruptcy petition, and/or b) the 10 year (add the time spent in bankruptcy plus 6 months) Collection Expiration date (CSED) has expired. This is generally 10 years after you filed the return. If you filed late the 10 years start when you filed, not when the return was due. Remember to add the time spent in bankruptcy onto the 10 years.
We have a special service we provide called a “CSED Transcript Investigation” that may benefit you in attempting to get these tax liens released.
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I solve tax problems every day. For a free, no-risk tax consultation, please call my office at 866-IRS-PROBLEMS (866-477-7762).
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