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Posted On December 09, 2017
The IRS intends to seize your home. What can you do?

The IRS intends to seize your home. What can you do?

For whatever reason, you ended up in a position where you owe money to the Internal Revenue Service. You may know the agency has a reputation for aggressively pursuing taxpayers who don’t pay their taxes.

This leaves you in a precarious position. The IRS may have already put a federal tax lien on your house. Now, you’ve received a Final Notice of Intent to Levy and Notice of Your Right to A Hearing. Since you may believe that your only real asset is your home, you may be afraid that you could lose it.

First, did the IRS properly provide you with the notice of levy?

You should receive this notice no less than 30 days before the levy takes effect. It should have been delivered to you in one of the following ways:

  • Left at your home
  • In person
  • By certified or registered mail, return receipt requested to your last known address

Failing to respond to this notice could result in the seizure of your home.

Second, your home isn’t the only property the IRS could seize

Your home may not be the only property you own that the IRS could issue a levy against. The following other types of property could also be at risk:

  • State tax refunds
  • Cars or boats
  • Bank accounts
  • Retirement accounts
  • Income
  • Accounts receivable
  • Rental income
  • Dividends
  • The cash value of life insurance policies
  • Commissions
  • Licenses

As you can see, your position could be more precarious than you first believed.

Where to find support

Legal action may be necessary to straighten out your issues with the IRS. The problem is that working with the IRS is not always an easy task. No matter how many phone calls or visits to a local office you make, you may not find someone to listen.

That is when you may want to consider turning to a Nevada tax law attorney for help. You may be able to work out an offer in compromise or a payment plan to help alleviate your tax debt. If these options will not work for your situation, then it may be necessary to enter into litigation or for you to file bankruptcy in order to resolve your tax debt issues.