Thursday, December 25, 2008

New IRS Ruling Tax Break

Vintage Colusa
Originally uploaded by JimHildreth
IRS to give break to distressed homeowners

The Internal Revenue Service (IRS) last week announced it is “subordinating” federal tax liens and allowing primary mortgage holders to take precedence when a mortgage is refinanced or the home is sold. Homeowners with federal tax liens tied to their properties may find it difficult to refinance or sell. The new IRS program allows homeowners to refinance or sell a home without first having to pay any federal tax liens. The IRS is not forgiving the debt though, and homeowners must pay any back taxes owed.

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Happy Holidays

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