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Should you get a home equity loan to pay off back taxes?

IRS tax lien, bankruptcy and taxes, home equity loan back taxes

In this article, we’ll explain why getting a home equity to pay back taxes can be a great alternative to an IRS streamlined payment plan.

Will you be able to get a loan?

If there is a federal tax lien on your home, you may have trouble getting a loan.

Read moreShould you get a home equity loan to pay off back taxes?

IRS Payment Plan

IRS Penalties, innocent spouse relief, seriously delinquent tax debt

The most common way to resolve tax debt issues by entering into a payment plan with the IRS. There are several types of payment plans.

Do you qualify for a payment plan?

The IRS will consider an installment agreement only if a taxpayer is current on his tax liabilities, which means that the taxpayer:

  1. has filed all tax returns
  2. and is current with tax payments for the current period, such as estimated tax payments

Read moreIRS Payment Plan