The IRS can take your home to satisfy a tax debt, but can they collect your car or other pieces of personal property? Yes. A tax levy legally permits the IRS to seize property including:
Your personal vehicle
Real estate
Putting a levy on your bank account
Wages, through wage garnishment
Investments
Collectibles
Basically, any asset that could be liquidated in order to satisfy an outstanding tax bill. However, as we mentioned, certain circumstances would render some personal items off-limits; for example, if seizing your home would cause economic hardship, the IRS may be forced to take other actions.
NEED HELP WITH OFFER IN COMPROMISE, TAX SETTLEMENTS, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS?
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Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
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