IA Inheritance Tax APPLICATION FOR RELEASE OF INHERITANCE TAX LIENS, 60-047: Fill out & sign online

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Click ‘Get Form’ to open the IA Inheritance Tax APPLICATION FOR RELEASE OF INHERITANCE TAX LIENS, 60-047 in the editor.
Begin by entering the decedent's name and probate number at the top of the form. This information is crucial for identifying the estate.
In the section regarding real estate, provide a detailed description of the property that has been sold or mortgaged. Ensure accuracy to avoid any delays.
Next, indicate the sale price of the property in the designated field. This amount is necessary for processing your request.
Acknowledge that any inheritance tax liens will attach to the proceeds of sale as per Iowa Code section 450.7 by checking the appropriate box or signing where indicated.
Finally, sign and date the form as Executor/Administrator/Trustee or Surviving Joint Tenant before submitting it to ensure it is valid.

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What happens when a lien is released?

If the stated amount is paid in full, the lien holder should file a full release of the lien. This results in completely removing the lien from the property. Once the lien is released, the property owner is free to do as they wish with the property.

What is a release of estate tax lien?

Before you sell real property of a deceased persons estate, you may need the IRS to remove or discharge that property from an IRS lien. This allows the buyer to take title to the property free and clear of the lien.

What is an estate tax lien?

(a) Estate tax. (1) A lien for estate tax attaches at the date of the decedents death to every part of the gross estate, whether or not the property comes into possession of the duly qualified executor or administrator.

What is the inheritance tax clearance in Iowa?

The inheritance tax clearance is a written certificate of the department documenting the satisfaction of the inheritance tax obligation of the persons succeeding to the property included in the gross estate and the personal representative of the estate, and also the obligation of the qualified heir, in case special use IAC Ch 86, p.1 70186.12 (450) The inheritance tax clearance. 86.12(1) iowa.gov docs iac rule 07-23-2 iowa.gov docs iac rule 07-23-2

When to complete inheritance tax forms?

You must submit the form within 12 months of the person dying and before applying for probate (if you need it). You may have to pay a financial penalty if you miss the deadline without a reasonable excuse. How to value an estate for Inheritance Tax and report its value - GOV.UK GOV.UK valuing-estate-of-someone-who-died GOV.UK valuing-estate-of-someone-who-died

What is a release of lien of estate tax?

Before you sell real property of a deceased persons estate, you may need the IRS to remove or discharge that property from an IRS lien. This allows the buyer to take title to the property free and clear of the lien. Sell real property of a deceased persons estate - IRS IRS individuals sell-real-property-of- IRS individuals sell-real-property-of-

What is an inheritance tax lien?

An inheritance tax lien is a legal claim the government places on a deceased persons estate (real property) to ensure payment of any taxes owed. It gives the government priority over other creditors or heirs to collect the tax debt. What Is an Inheritance Tax Lien? - Lightspeed Escrow Lightspeed Escrow blog-post what-is-an-in Lightspeed Escrow blog-post what-is-an-in

IA Inheritance Tax APPLICATION FOR RELEASE OF INHERITANCE TAX LIENS, 60-047 2025