How to Recover Seized Property

The IRS may seize your properties to pay off tax debt that you need to pay. It will not be easy to take your assets back and you have big IRS problems in your hands.

The best way to obtain a release for your assets is to settle your tax debt in full, as well as all the penalties assessed and interest that has accrued. If that is not a feasible solution, you may consider one of the following:

• You can request an appeal with the head of the IRS unit filing the levy through a phone conference.
• Qualify for financial hardship. The IRS will decide if your health or welfare is being affected.
• Be "temporarily uncollectible". This basically means that you don't have assets worth seizing and your present lifestyle and income are barely allowing you to sustain your life.
• Issue a bond or substitute collateral. This must be equal to the value of the seized asset.
• File for bankruptcy. This stops further action by the IRS.
• The value of the assets seized is worth more than the taxes owed. A fraction of the seized property can be returned.
• The 10-year statute of limitations on the collection of your tax bill has expired.
• If the property is important for you to work and make money, show that the release of the asset will enable collection.
• Negotiate an installment agreement that lets you pay your tax debt monthly.
• Offer in Compromise: This is a contract between you and the IRS that resolves your tax bill.

There are better ways to resolve your IRS problems than allowing your properties to be seized, so don't just stand by doing nothing.

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Originally posted 2008-01-12 04:33:06. Republished by Blog Post Promoter