IRS Seizures

A seizure is taking actual assets, such as your home or automobile, instead of a levy, which concerns intangible assets like your bank account. Seizures typically occur in severe situations where an individual repeatedly refuses to pay overdue taxes to the IRS over an extended period.

One should not treat a seizure lightly. The IRS will eventually try to seize your tangible possessions. Never assume they won't. Several stories in newspapers and television have been about people being evicted from their homes after the IRS auctioned them off, frequently for less than half their original worth.

The IRS wants to sell the assets it has seized from you as soon as possible at auction. They frequently take everything you own, including your house, automobiles, yachts, jewels, motorcycles, insurance policies, and even your retirement savings, because they often receive less than half the value of your assets.