This question comes up a lot, as it’s advertised everywhere on the radio and TV that the IRS will seize your home.
Here we answer the question: Will the IRS take my home?
Answer: The IRS rarely takes a primary residence, even when you do nothing.
The IRS rarely ever takes someone’s home that they live in.
Why not? It’s bad public policy and enough people hate the IRS already. If the IRS kept taking people’s personal residences, they would have more bad press than they already do.
Taking a home is a lengthy process
It might not be profitable in many situations for the IRS. Auction prices might not payoff the mortgage anyway.
When does the IRS take homes?
- Tax protester cases
- Home is not a primary residence and you are doing nothing to resolve case
- When you agree to it to satisfy a debt (better to sell yourself)
You can have equity and if you deal with them and set it up right, they shouldn’t take it.
Why do they advertise on TV and radio that our home can be taken?
It’s a sales scare tactic. If you think you are going to lose our home, you are more likely to sign up with the particular tax relief company pitching you on your home loss. Tax relief companies are not real law firms or CPA firms.
If they have a title like “tax consultant” then they probably don’t have your best interest in mind. Most likely they are a commissioned salesperson. Some law and CPA firms are misleading too.
Getting property back from a seizure
Getting seized property back from the IRS can be a very difficult procedure. It’s outlined here, but for most people, they are best off hiring a qualified tax attorney to do it for them.
IRS does garnish paychecks, income sources and levy bank accounts
If you do nothing with your tax debt, the IRS probably will not take your home, but they will take other things. Your paycheck can get garnished, if you are self-employed your 1099 sources can be levied 100% and any debtor could have their bank accounts levied.
It’s still best to do something with your debt.
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