Need-to-Know Information about a Tax Levy?

Need-to-Know Information about a Tax Levy?
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If you owe the IRS, a tax levy may be used to satisfy your debt.A tax levy involves the seizure of your real or personal property.The value of the property seized is then used to satisfy your debt.If you have an interest in any real or personal property, then theIRS has the right to seize and sell that property if you do notpay, or make arrangements to pay your taxes.What Kind of Property is Subject to a Tax LevyExamples of different types of property that the IRS may seizeinclude your house, vehicle or boat. The IRS may put a tax levy onany property that you own, even if you do not have possession ofthat property. Some examples of this type of property includeemployment wages, bank accounts, income from rental property, andeven your retirement accounts.Steps in the Tax Levy ProcessThe fir
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Related questions

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Last Answer : First, confirm that the levy is actually yours. The IRS makes mistakes, too. If it is true, you can contact the IRS and offer to make payments instead of the levy. You need to be able to show hardship. Despite their rep, they will work with you, if you don't ignore them.

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