What you need to know about IRS seizures
- 6 years ago
In this video, Anthony and Claudine of IRSMedic.com (https://www.irsmedic.com/) explain what an IRS seizure is, how a seizure happens, how to avoid a seizure, and how to get your property back after a tax seizure.
The two also discuss how a seizure is different from an IRS levy or garnishment and the difficultly the government has in enforcing seizures on property held overseas. But the government does have some leverage -- they can revoke a US passport for tax debts over $50,000
Ultimately, an IRS seizure is the last resort. The IRS does not want to seize money. Running a government tax auction is very time consuming and the amount realized does not usually satisfy the entire debt. So the cash remains outstanding.
Also, the IRS really doesn't want to seize a primary residence of a taxpayer. However, Anthony explains circumstances where it could happen and how to avoid that situation.
The two also discuss how a seizure is different from an IRS levy or garnishment and the difficultly the government has in enforcing seizures on property held overseas. But the government does have some leverage -- they can revoke a US passport for tax debts over $50,000
Ultimately, an IRS seizure is the last resort. The IRS does not want to seize money. Running a government tax auction is very time consuming and the amount realized does not usually satisfy the entire debt. So the cash remains outstanding.
Also, the IRS really doesn't want to seize a primary residence of a taxpayer. However, Anthony explains circumstances where it could happen and how to avoid that situation.