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Federal Tax Lien Duration And Refiling

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  • 02-22-2008, 11:34 PM
    diond
    Federal Tax Lien Duration And Refiling
    I'm trying to buy a property in Wisconsin that is owned by a trust. The grantor and trustee are not beneficiaries and each has FTLs that were assessed after the property was put in the trust. The IRS also issued seperate FTLs with the Nominee status for the trust itself. The most recent FTL was assessed 10 years and two weeks ago.

    My questions are: Are the liens valid against the trust even though the trustee and grantor are not beneficiaries? If the liens were valid regarding the nominee status and have since expired by the 10 year time limit, what happens if I purchase the property before the IRS refiles the liens? Are they able to refile the liens after title has been transfered to me?

    Adding to all this fun is the fact that the property is in foreclosure, has been sold at sheriff's auction, and I'm purchasing it prior to the confirmation of sale.

    Whats even more interesting is the foreclosing law firm didnt enjoin the IRS as a defendant as is normally done with tax liens on foreclosed property.

    Any thoughts would be appreciated. Thanks
  • 02-23-2008, 09:04 AM
    seniorjudge
    Re: Federal Tax Lien Duration And Refiling
    If you buy this property, you will get a lawsuit along with it.

    BUT

    have a title insurance company run a title report on the land; be sure to tell them the whole story.
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