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Form 12277 Minnesota: What You Should Know

With that said, I wanted to outline specific procedures for a tax lien. Step 1: You will need to open the IRS Form 12277 and fill out three categories of information: Furnished : Includes rental payments, taxes, etc. Lien holder : This covers property in which the tax lien has been created, however does not include real estate or the assets of nonresident owners. Receipts : Includes actual cash payments for real estate, the assets of nonresident owners, and receipts from mortgage lenders and banks. Step 2: There are two fields which should be entered correctly on all the forms below: Type (2) : This should be “SUBTRACT”, as you do not need a space between the type and the number. The type refers to whether the lien is a “reflected” or “nonreflected” lien. Type (3) : This field is a required field. The following type does not need to appear on the form, however, it is mandatory to input this field. Type (4) : This field is a required field for any tax lien on a real estate transaction.  Form 12277 Complete the appropriate fields on the first form. You should then enter one or more of the following: Inferred : This fields refers to the name of the owner of record on the record, in the case that the name of a trust or limited partnership is different, enter “Inferred” Date of Last Sale : This field indicates when the seller or seller's agent notified the State of Minnesota that the property was sold by or for the seller. Payment : This field allows the buyer to provide his or her tax lien account for the purposes of the IRS filing with the State of Minnesota. Step 3 — If the property being sold has a tax lien already on file with the State, you do not need to use Form 12277.  The IRS Form 1095-A will allow you to include this information.  Inferred : This field should not need to be entered if the transaction is being used as a gift. Referred : This field should not need to be entered if any other type of lien or lien interest would be in effect for the property prior to the sale.

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