Preventing An IRS Tax Seizure
If you refuse, ignore or fail to pay your federal income taxes, the Internal Revenue Service has the legal right to seize your property. Property levies are the most severe action taken by the IRS.
In case you are behind on the tax debt, you should understand how tax seizures work and how you can avoid them.
Types Of Property IRS Can Seize
The IRS has the right to seize your real estate and personal property, even if they are not in your physical possession. The IRS may also take your wages, rent from your tenants, payments from your clients, funds in your bank account, and even your retirement funds. In essence, the IRS could take nearly anything you own, which includes your home.
Recent Comments