Tax Dictionary – Tax Lien Withdrawal
A withdrawal removes the public Notice of Federal Tax Lien and assures that the IRS is not competing with other creditors for your property; however, you are still liable for the amount due.
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A lien withdrawal removes your tax lien from public record and from your credit report.
You can request lien withdrawal:
- After you’ve paid your tax balance, or
- If your balance is $25,000 or less, and you can pay it within five years or before the collection statute expires, and you pay by a direct debit installment agreement from your bank account
Lien withdrawal doesn’t remove the lien from your property. You’ll need a lien release to do that.
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