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Video instructions and help with filling out and completing Irs subordination form 14134
Instructions and Help about Irs subordination form 14134
Good afternoon everyone I'm Bob Jablonski my firm is Bob Jablonski and associates we are located in Richardson Texas right outside of Dallas and we provide tax service help including tax preparation and planning and we specialize with IRS representation helping taxpayers who have tax problems we are today going to cover when you can get a loan on a property that is under an IRS lien subordinated by the IRS and so just to go through an overview this is one in a series the fourth in a series of videos on tax liens and in this one as I said we're going to cover real estate transactions and how to how to get the the property the loan on the property subordinated once a federal tax lien is filed and just the taxpayer taxi line is the federal government's legal claim to a taxpayers property and two things must have occurred one the tax must be assessed the ars can't be guessing at what a taxes or just hate and file tax return I'm gonna file a lien on that the tax must be assessed and notice must be given to the taxpayer and there's a few ways that you can find out if a taxpayer if an nftl has been filed you should have verse 4 received the form of 660 a why you can call the eros to confirm it or if you're someone like me who has access to it you can pull tax transcripts and you can as well as a taxpayer so what is the subordination of an IRS lien so once the IRS files a notice of federal tax lien against the taxpayer they're first in line and claims against the assets moving forward so for instance you know some people think the IRS just bypasses all the other lanes no if I have a mortgage loan and the iris files a lien against me well my lender who already has filed a lien they are still in the first position and if I have a second mortgage and they have a lien there in the second position the IRS goes into the third position but no one else can come in and foul lien in front of the IRS at that point they they are once they file that lien from their for their on forward their first in line moving forward so when the IRS agrees to subordination they're voluntarily agreeing to be behind second in line behind another lender so you think why would they agree to it well the IRS is only going to agree to a subordination when it's the best interest of the government and I'll give you a few examples but what it's typically going to mean is the iris is going to receive payment from a transaction in which they they agree to be subordinate their interest or it's going to put them in a position where the taxpayer can make greater ...