topic Re: IRS Tax Liens in Rebuilding Your Credit

IRS Tax Liens

Anonymous — Sun, 07 Mar 2010 02:17:05 GMT

Hi all, I am in the process of purchasing a home. I ran across this great home that is a short sale. Anyways I ran may credit in December 09 and saw that I had two tax liens ( 04 and 05 ). The tax liens came from me not reporting an income. In 04 I was 24 years old. My father had property in my name ( For the future) and he was collecting rent from it. My father always paid his bills and taxes on time. Something happened in those two years and he or his accountant must have overlooked those items. The rental income was not reported. My father passed away 4-2007. Now these taxes are coming on me. I paid both of them off and got a release for them. Do you believe that I can dispute these liens to get it off my credit? If so, to who? This are IRS liens and my local county reported them.

thanks for all you help!!!!!

Re: IRS Tax Liens

Anonymous — Sun, 07 Mar 2010 02:45:57 GMT

What basis do you have for disputing them. If they are paid and showing paid it is reporting correctly and there is nothing to dispute.

They can stay 7 years from the date paid.

You can call the IRS and see if they will remove them. I have seen others do the same and get it done.

Re: IRS Tax Liens

Jazzzy — Sun, 07 Mar 2010 02:49:52 GMT

I don't see a dispute being successful to take them off your reports. Are they reporting incorrectly in any way? Do they correctly report as paid? If not, you could dispute the unpaid status.

How badly are these paid leins hurting your scores? Are your scores such that you can qualify for a mortgage? Talked with a loan officer yet?

Re: IRS Tax Liens

Anonymous — Sun, 07 Mar 2010 03:03:19 GMT

They can stay 7 years from the date paid.

Wow, I see we do agree after all!

Message Edited by JustinCase on 03-06-2010 10:03 PM

Re: IRS Tax Liens

Anonymous — Sun, 07 Mar 2010 06:33:21 GMT

Thanks everyone for the replies. I want to dispute these iteam to have them deleted of my credit. I want to show/prove to the IRS that my father was the one paying the taxes on this. I can prove that he was paying these years before and after.

Re: IRS Tax Liens

laz98 — Sun, 07 Mar 2010 07:05:37 GMT

@Anonymous wrote:
Thanks everyone for the replies. I want to dispute these iteam to have them deleted of my credit. I want to show/prove to the IRS that my father was the one paying the taxes on this. I can prove that he was paying these years before and after.

we understand WHY you want to have them deleted, but you can't just dispute things that are accurate off of your reports. it's not that simple.

Re: IRS Tax Liens

Anonymous — Sun, 07 Mar 2010 13:41:28 GMT

@Anonymous wrote:
Thanks everyone for the replies. I want to dispute these iteam to have them deleted of my credit. I want to show/prove to the IRS that my father was the one paying the taxes on this. I can prove that he was paying these years before and after.

The only problem with that is the fact that they were in your name, regardless of who actually paid the taxes.

It may be a tough one getting these off for that reason.

Re: IRS Tax Liens

Anonymous — Thu, 17 Jun 2010 20:25:36 GMT

Hello everyone, I had owed taxes from 2005 for over 3,000 and in 2006 my tax refund was taken totaling over 6,000 so I thought that was the end of that, but I kept getting notices of taxes still being owed. This year 2010 I had another 1,000.00 taken from taxes, which I was told was the final amount owed, and later I received a release certificate, but I had never known that a Tax lien was being reported on my credit report since 2007. Is there anything that can be done with this matter?

Thanks-

Re: IRS Tax Liens

Anonymous — Thu, 17 Jun 2010 20:50:52 GMT

It can stay 7 years from date paid. But you can always talk to them and see if they will remove it early. (IRS or state who placed it)

Re: IRS Tax Liens

creditchild — Sun, 05 Sep 2010 20:18:15 GMT

hey all. if i set up a payment plan with the irs as long as i make my payments on time

will it show up on my credit report?

Re: IRS Tax Liens

Anonymous — Mon, 06 Sep 2010 17:00:16 GMT

@creditchild wrote:
hey all. if i set up a payment plan with the irs as long as i make my payments on time
will it show up on my credit report?

I've done that several times and nothing negative ever showed up. But DO NOT be late with the IRS. They have no sense of humor about those things.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: IRS Tax Liens

creditchild — Mon, 06 Sep 2010 17:25:34 GMT

so as long as i'm paying on time it would not appear on my credit report. am i correct?

Re: IRS Tax Liens

Anonymous — Mon, 06 Sep 2010 17:45:30 GMT

@creditchild wrote:
so as long as i'm paying on time it would not appear on my credit report. am i correct?

IME that is correct.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: IRS Tax Liens

cascade159 — Tue, 07 Sep 2010 06:43:29 GMT

I had a Federal Tax Lien added to my credit report two months ago. I saw a 1pt drop in my score and I'm not certain that was the result of the IRS. Since that time I've setup a payment plan with the IRS and my agent informed me that they would remove the lien once it's paid in full. She said there is a lien department I could speak with at that time. My goal is to have this paid off in 10 months so fingers crossed...

Re: IRS Tax Liens

cascade159 — Tue, 07 Sep 2010 06:44:31 GMT

Does anyone know if having a Federal Tax Lien actually hurts your approval? I could see it hurting on mortgage but I just got a Best Buy Reward Zone MC with a fresh tax lien on my report.

Re: IRS Tax Liens

cascade159 — Tue, 07 Sep 2010 06:50:52 GMT

Some good information from another thread:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Tax-Lien-Question/td-p/701093

Re: IRS Tax Liens

Anonymous — Tue, 07 Sep 2010 16:01:14 GMT

@creditchild wrote:
hey all. if i set up a payment plan with the irs as long as i make my payments on time
will it show up on my credit report?

I realize I may have misunderstood what you were asking.

Is there a IRS tax lien already in place you want to pay off or are you looking to set up a payment plan to avoid a tax lien?

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work