If you owe to the federal
government, an IRS levy can allow legal seizures of the properties to
satisfy your tax debt. Usually, these assets are seized, like vehicles,
fine jewelry (made of precious metals), retirement accounts, savings
accounts, life insurance policies, etc.
The IRS can seize any asset
that you don't require for basic survival. Some of the most common
assets that can be seized and can be sold to compensate tax debts are as
follows:
Vehicles such as RVs, cars, motorcycles, and even boats.
Jewelry items such as gold, silver, or other precious metal
jewelries.
Your second and vacation home
Retirement accounts
Savings accounts
Life insurance policies
certain government benefits, etc.
I would like to add just one
point here. IRS can garnish your wages or levy your bank accounts to
satisfy tax debts. They will give you a waiting period of 21 days before
taking money from your bank accounts. If you don't pay off tax debt
within this 21 day period, then they will levy your bank account.
Sub: #1 posted on Wed, 02/12/2020 - 03:27
(Posts: 268 | Credits: )
Vehicles such as RVs, cars, motorcycles, and even boats.
Jewelry items such as gold, silver, or other precious metal jewelries.
Your second and vacation home
Retirement accounts
Savings accounts
Life insurance policies
certain government benefits, etc.
Sub: #2 posted on Thu, 02/13/2020 - 02:10
(Posts: 432 | Credits: )
Sub: #3 posted on Mon, 02/17/2020 - 20:11
(Posts: 425 | Credits: )