Section 6334(a)(1) of the Internal Revenue Code allows you to keep all of your clothing. Bear in mind that the tax code uses the words “necessary” in describing the clothing that is exempt from IRS collections, meaning that the IRS can technically take clothing that is not necessary, like designer shoes and handbags, etc.
Section 6334(a)(2) of the tax code protects your furniture and household effects up to $7,900 in value from the IRS. The IRS is not taking your television, or your bed, or lawnmower.
The Internal Revenue Manual, at Section 188.8.131.52.7, Property Exempt from Levy, restates these exemptions in guidance to IRS employees.
It is important to remember these exemptions when completing IRS financial statements, like Form 433A. Claim the value of these everyday items as exempt. And in an offer in compromise, make sure that these assets are not included in the value of the offer as they are off limits to the IRS – again, claim it as exempt.
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com