If the IRS seizes your home or other property, the IRS will sell your interest in the property and allocate the profits (after the costs of the sale) to your tax debt. Before selling your property, the IRS will calculate a minimum offer price. The IRS can seize your personal and real estate assets, even if they are not in your physical possession. For example, if you have a boat stored at a friend's house, the IRS can keep it.
What scares people the most when they owe back taxes is that the IRS will keep their house. While not false, it's still relatively rare for the federal government to seize property, particularly real estate. Professional tax relief services help you resolve your tax debt and regain control of your finances. Reduce the stress and cost of an audit with professional tax representation from first notice to full resolution.
Carolyn Richardson, EA, managing editor of learning content for MBA We've been helping people like you for more than 30 years.
