Discharge of Federal Lien- Authorized under the IRS Code. The process whereby the taxpayer or interested third party applies to have the federal tax lien removed from a specific piece of property or other asset.
The discharge may be granted if:
The IRS has no interest in the property, the IRS will receive the net proceeds from the sale of the asset, or the taxpayer has equity in other assets equal to 3 times the amount of the tax liability.
The IRS has no interest in the property, the IRS will receive the net proceeds from the sale of the asset, or the taxpayer has equity in other assets equal to 3 times the amount of the tax liability.
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