When the IRS comes in to take your money, banks do not want the extra work
YYou can’t get a fair loan to buy a car with a Federal tax lien on your record. Think of paying an interest of 18-22 percent on a car that is already too costly. You’re certainly not going to purchase any real estate. The list is unlimited.
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The IRS establishes a lien on all of your properties -- especially real estate -- when your taxes are not paid.
This gives the IRS the legal right to collect taxes on your properties, which includes just about everything you own.
It can be a lien against you, your spouse, or your company. A lien against your business will seize the cash from your accounts. At this point, everything you own is only a step away from being the property of the U.S. Government.
On your credit report, Liens filed against you by the IRS often show up and prohibit you from opening a checking account or borrowing against any property such as your house.