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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
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Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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I have a federal tax lien on my house for three times my actual

Resolved Question:

I have a federal tax lien on my house for three times my actual debt, based on an incorrect estimate of taxes due. Because of my income, my status is uncollectable. Will the lien automatically go away after 10 years? If not, can I get the lien amount reduced to the actual debt?
Submitted: 8 months ago.
Category: Finance
Expert:  Megan C replied 8 months ago.

Megan C :

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Megan C :

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Megan C :

The lien is only in place to secure the government's interest. If you no longer owe a debt to the government, the lien should be released.

Megan C :

So, yes - the lien will go away in 10 years. If it does not go away, you can file form 12277 which is an application for withdrawal of a tax lien.

Megan C :

That form is available, here: http://www.irs.gov/pub/irs-pdf/f12277.pdf

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Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12234
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and other Finance Specialists are ready to help you
Customer: replied 8 months ago.

I have not worked since 2002, when I was laid off and then was diagnosed with cancer. I sold company stock at a loss, which is why the IRS assumed I had capital gains. I was able to prove otherwise. But then the state of CT. said that they couldn't locate my filing from 2001 and they placed a lien on my home, also. I am on disability and have no way to pay this, plus I believe their information is incorrect. Does the same statute of limitations apply to state liens as well?

Expert:  Megan C replied 8 months ago.
Thank you for your follow up, Lili. In the state of Connecticut, the statute of limitations is actually 15 years.

Please let me know if you need anything additional. If not, please rate this response as "excellent" so that I may receive further credit for assisting you today. Thanks again.
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12234
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and other Finance Specialists are ready to help you

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