Property Seizure

Property Seizure

The risk of property seizure is very high if you have big IRS problems. In cases where the IRS demands payments, it can seize your property. If you are in high debt of IRS, they can take control of your property and you may not have much left after they do so.

Three factors are used by the IRS in determining what property to seize:

1) The amount of tax liability in relation to the assets needed to pay the tax
2) How simple it is to take control of assets and dispose them.
3) How valuable the assets are to the taxpayer.

The IRS will threaten you about property seizures hoping that you will sell that property and pay your unpaid taxes. Common assets targets of IRS include:

*Bank accounts

*Automobiles including car, boats, ships or planes

*Life insurance

*Stocks and Shares

*receivable accounts

*Wages

* Any Valuable stuff

* Any Real Estate property including land and farms

* Pensions, IRAs and Keoghs

* Your house

Bank accounts are the easiest to seize. A bank account levy can be easily implemented by the IRS. Suddenly you may find your debit card not working. This is one of the easiest and most popular methods to recover the owed amount. A bank account can be easily limited by the IRS. After you find your card not working, you may rush to talk to your bank manager but there is nothing she can do to help you.

Stocks, shares, insurance benefits and automobiles are the other common assets which are seized by the IRS. Stocks and shares can be quickly sold and the owed amount can be recovered. But there is an uncertainty involved in these so these don’t come first in the list of preferred targets.

There is not much left right? However here are some of the assets that IRS cannot take over:

1. Any type of clothing which excludes fur coats or any luxury clothing
2. Gasoline, furniture or any personal effects provisions up to $6,250.
3. Any Magazines or books up to $3,125.
4. School books
5. Any benefits of unemployment: Law doesn’t permit the IRS to take the unemployment benefits.
6. Compensation of Workers.
7. Assistance money from people
8. Mails which are not delivered
9. Benefits of Job training
10. Child support ordered by court
11. IRS cannot seize any deposit made in to the treasury by the members of the Armed forces and Public health Service Employees who are assigned permanent duty outside US.
12. Some payments of disability
13. Minimum exclusion amount of salary/wages or income
14. Payments from welfare or SSI in the form of public assistance

The best choice for you is to prevent seizure but what to do in cases where you have already received notice from the IRS. You can use our firm guide through the release process. Your taxes have to be paid in full by you and you also would have to offer an installment agreement to the IRS. You may also have to prove a hardship or prove that the value of the property that was seized was more that what you owed them.

If the IRS, state or local tax agency has seized your property due to taxes owed, call today and speak to a tax lawyer today...