IRS Seizures

Unlike a levy targeting intangible asset like your bank account, a seizure involves confiscating physical asset such as your home or car. This typically occurs in severe cases where repeated requests by the IRS to settle outstanding tax have been ignored.

It's crucial to take the possibility of a seizure seriously. The IRS is fully prepared to take physical asset if necessary. Numerous reports in newspapers and on television show individuals being evicted from their home, which is then sold at an IRS auction—often for much less than its value, sometimes as little as half.

When the IRS proceeds with a seizure, it aims to sell the asset quickly at auction. It frequently receives less than half of the asset's value, which is why it may seize everything you own—including your home, car, boat, jewelry, motorcycle, insurance policy, and even retirement fund.