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A general tax lien filed with the state lien recording office will not automatically affect your bank accounts. The taxing authority must deliver the lien to the bank to effect the levy on the account according to the terms of the lien.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoIt relates to the reason, the debt you owe, that caused the lien. You are the only one that knows that...or you can contact the tax authority that placed it. (If the amount you owe is more than the account has, even after they take that you can expect them to collect the additional, any way they can, including liening other accounts or assets.
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If you have a tax lien on your home can the IRS take your husbands retirement check?
If it is in a joint bank account and you reside in a community property state, Yes!
How do you release bank levy from your account?
Type your answer here... how long will it take for my bank to lift the lien they have on my bank account:First, a tax lien is different from a tax levy.Generally, a bank levy is not released until:your tax debts is paid in fullyou settle a payment plan for your tax debtyou can prove that the tax levy will bring you and your family a financial hardshipthe taxing authorities made some mistakes of the levy and your appealing is approved by the committeeYou may have other ways to release the bank levy, but it really depends on your tax debt status and your financial situation.
How do you know if the IRS has a lien against your checking account?
To determine if the IRS has placed a lien on your checking account, you can check your account statements for any levy or seizure notices from the IRS. Additionally, you may receive a Notice of Federal Tax Lien (NFTL) in the mail. It is advisable to contact the IRS directly or consult with a tax professional for accurate information and guidance.
Will there be a federal tax lien put on my house that's in foreclosure?
Yes, there will be a federal tax lien put on your house that is in forclosure. The bank or person that buys your house will have the option to pay that lien off.
If you don't pay can they take your home?
The IRS could get a lien on your home for failing to pay any income taxes that may be due. If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home.
Will the bank repossess a car with IRS tax liens on it?
The IRS to my knowlege will not/and is not able to put a lien against property that is not outright owned by the person. If the bank holds the title, it is not the person's property yet and is not subject to an IRS Lien. If the vehicle gets paid off, then at that time the IRS can put a lien against it The IRS tax lien attaches to all property, real and personal. However, the IRS has a number of things working against them: 1. The title to the car is being held by the bank. 2. The bank's security interest is perfected (they are listed as a lien holder on the title). Because of this, the bank is going to have priority on the vehicle even if the IRS filed a Federal Tax Lien before the bank gave the loan.
In Texas can a creditor judgment for an unpaid phone bill be enforced as a wage or tax refund garnishment or a bank account levy?
A judgment creditor can levy a bank account even if it is joint. A judgment creditor can only garnish income if there is no other way to recover monies owed. A judgment creditor can place a lien against real property but cannot perfect the lien as a forced sale of a primary residence. A judgment creditor cannot seize a tax refund.
What bank does TurboTax use for refunds?
TurboTax uses Bank of America for the deposit of tax refunds. Your tax refund is deposited in a Bank of America account and then transferred to your personal account.
Can a Lien be placed on property for unsecured debt?
Yes. For example, even without a written security agreement, your house or car or other property can have a lien attached when you have not paid for work done on them. This is called a "mechanic's lien" and could also apply to anyone who has delivered materials to your contractors for home improvement but have not yet been paid. Any unpaid debt can result in a lien when a creditor sues you and wins a judgment against you. A judgment lien can be used to freeze a bank account or prevent the sale of real property once it has been recorded in the land records. If state or federal tax authorities discover a bank account, or other valuable property, belonging to a tax delinquent, the account will be frozen or the property will be seized. For a frozen bank account the tax delinquent will generally be notified by the bank. Another type of lien would be for non-payment of property taxes. Unless you resolve these within a prescribed period, the town/city could then file a "tax deed", taking title to your property, which is then sold at public auction to pay for the delinquent taxes.
With a judgment lien can a tax refund and bank accounts be garnished?
If the judgment is for state or federal taxes then any refund is subject to seizure by the agency holding the judgment. If it is a creditor judgment, a tax refund would only be subject to attachment if it were placed in a bank account that was being levied by the judgment creditor.
What are the legal ramifications for a joint bank account?
Either owner can withdraw all the funds. Half the funds would be available to a creditor of either owner for such reasons as a child support lien or tax lien. When one owner dies the account would not need to go through probate- it would pass automatically to the survivor.
what is this lien for?
what is this tax lien for
