Unlike the levy which involves intangible assets such as your bank account, a
seizure is the taking of physical assets, such as your home or car. 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. When the IRS seizes your assets they want to quickly sell them at auction. They often get less than half your assets value, so they often seize as much valuable property as they can including your home, cars, boats, jewelry, motorcycles, insurance polices, and even your retirement funds. |
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