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What kind of assets can IRS take through levy

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What kind of assets can IRS take through levy?/




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.

Sub: #1 posted on Wed, 02/12/2020 - 03:27

Craigh.terry Craigh.terry

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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.

Sub: #2 posted on Thu, 02/13/2020 - 02:10

Barbara Delinsky Barbara Delinsky

(Posts: 432 | Credits: )

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: #3 posted on Mon, 02/17/2020 - 20:11

Nick Jonas Nick Jonas

(Posts: 423 | Credits: )

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