Understanding IRS Seizures
Unlike the levies that target intangible assets such as your bank account, seizures involve the taking of physical assets, such as your home or car. This drastic action typically happens in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
The Gravity of IRS Seizures
A seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Don’t think they won’t. Numerous news reports have documented citizens being evicted from their homes after it were sold at an IRS auction, often for a fraction of their value.
When the IRS seizes your assets, they want to quickly sell them at auction. They often get less than half your assets value, so they often seize everything you own, including your home, cars, boats, jewelry, motorcycles, insurance policies, and even your retirement funds.
The Harsh Reality of IRS Seizures
- Quick Auctions: The IRS aims to sell seized assets rapidly.
- Significant Value Loss: Assets often sell for less than half their value.
- Comprehensive Seizures: The IRS may take everything you own to cover the tax debt.
Act Now to Protect Your Assets
Our team of tax professionals is ready to help you prevent asset seizures and find a better solution for your tax debt.