IRS Property Seizures
We can help you avoid this.
“The whole process from start to finish was seamless. Glen was a pleasure to work with; efficient, kind and helpful! We will be using EAS Income Tax Services for all of our tax needs in the future!”
Paul H.
Avoid IRS Property Seizures
An IRS seizure is a legal action where the IRS takes possession of your property to satisfy a tax debt.
What is a Seizure?
A seizure is different from a levy. While a levy allows the IRS to garnish wages or take money from your bank account, a seizure involves physically taking and selling your property.
Types of Property Seized:
The IRS can seize various types of property, including real estate, vehicles, personal property, and financial assets. They can even take items not in your physical possession, like a boat stored at a friend’s house.
Process:
Before seizing your property, the IRS must send you a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before the seizure.
The IRS will calculate a minimum bid price for your property and provide you with an opportunity to challenge the fair market value determination.
After public notice, the IRS will generally wait at least 10 days before selling your property.
Impact:
Seizure of property can have severe financial and personal consequences, as it involves losing valuable assets.
The proceeds from the sale are used to pay the costs of seizing and selling the property, and then to pay off your tax debt.
If there is any money left over, the IRS will inform you how to claim a refund.
Stopping a Seizure:
You can stop a seizure by paying your tax debt in full, entering into an installment agreement, or proving that the seizure is causing immediate economic hardship.
You can also appeal the seizure before or after it occurs.
Understanding IRS seizures and knowing your rights can help you manage this challenging situation. If you’re facing a seizure, CONTACT US immediately.