When can the IRS take my property?

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Question:

When can the IRS take my property?

Answer:

If you are wondering when the IRS can take your property, the simple answer is that IRS seizure of assets can occur when you have failed to pay back taxes plus the associated penalties and interest fees for those unpaid taxes.  By law, the IRS needs to notify you in writing of its intention to seize your property, or place a tax lien, against you, and you have usually 10 days to respond to this notice.  If you fail to respond within that period of time, the IRS tax lien goes into effect automatically.  In other words, the IRS can come after your home and other assets, and can even gain access to your income through wage garnishments. 

Before a tax lien takes place, you should consider responding to the IRS and making an arrangement as soon as possible.  Follow these simple steps: 

  • File all of the taxes that you owe
  • Determine the complete sum you owe, both from these returns and also based upon the interest and penalties that you must pay the IRS
  • Contact the IRS to work out a payment arrangement on these taxes.  The IRS is usually willing to work with people with tax debts, but you must be serious about getting the bill paid back

  Consider consulting with an experienced attorney for advice in your particular circumstance.

This article is provided for informational purposes only. If you need legal advice or representation,
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LA-NOLO4:DRU.1.6.3.20141021.28794