Contract for deed / Tax lien questions (Illinois)
This is a discussion on Contract for deed / Tax lien questions (Illinois) within the Buying & Selling Property forum, part of the REAL ESTATE & PROPERTY LAW category; Hello, the property, seller and buyers are in Illinois. I have rented a newer house to tenants who want to ...
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Jun 6th, 2011, 08:30 AM
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Contract for deed / Tax lien questions (Illinois)
Hello, the property, seller and buyers are in Illinois.
I have rented a newer house to tenants who want to purchase the house via Contract for Deed. I am comfortable with Contract for Deed, except for one area. Tax Liens. If the buyers fail to pay their property tax or any personal taxes, can the city or IRS put a lien on my property? The situation is that the potential buyers have a good business. They were in real estate in Florida when the market crashed in 2007 and lost a lot. They have moved back to Illinois and have started a large cleaning business and have contracts with some rather large companies in our area. If something were to happen and they did not pay their income taxes, can the IRS put a lien on my house since it would then be a Contract for Deed? Thank you in advance. |
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Jun 6th, 2011, 10:55 AM
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Re: Contract for deed / Tax lien questions (Illinois)
I wish to inform you that IRS recognizes contract for sale as sale. In this regard IRS Form 6252 has to be filled by the seller. You may not be liable for the amount due on buyer towards income tax as house is still in your name and income tax is personal liability. In case of taxes on property the house may be held liable for recovery of amount. The contract for deed is a sale at the inception of the agreement and therefore you cannot be held personally liable.
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Oct 1st, 2012, 12:12 PM
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Re: Contract for deed / Tax lien questions (Illinois)
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Oct 1st, 2012, 02:33 PM
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Re: Contract for deed / Tax lien questions (Illinois)
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