IRS Seizures

Unlike the levy, which involves intangible assets such as your bank account, a seizure is the possession of physical assets, such as your home or car. IRS seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.

A seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Many newspapers or television shows have reported citizens being forced out of their homes after it was sold at an IRS auction, often for as little as half its value.

When the IRS seizes your assets, they want to quickly sell them at auction. They often get less than half your asset’s value, so they seize everything you own in order to compile as much of your money as possible to go toward your debt to them.