Recovering Seized Property

The IRS might seize your assets to settle back taxes that you owe. It won't be easy to take your assets back and you have big IRS issues in your hands.

The best way to obtain a release for your property is to pay your tax liability in full, including all the penalties that have been assessed and interest that accrued. Consider one of these if this isn't a feasible solution:

• Go for an Offer in Compromise to dissolve your tax liability.
• Obtain an installment agreement: This is a settlement plan that allows you to pay your tax debt in monthly payments.
• If the asset is essential for you to work and make money, prove that the release of your asset will enable collection.
• The ten-year statute of limitations on the collection of your tax debt has passed.
• The value of the property seized is worth more than the taxes owed. A fraction of the seized property could be returned.
• Declare bankruptcy. This stops the IRS from taking further action.
• Issue a substitute collateral or a bond that's equal in value to the seized property.
• Be "temporarily uncollectible". This essentially means that you don't have properties worth seizing and your present income are barely allowing you to sustain yourself.
• Qualify for financial hardship. The IRS will determine if your health or welfare is being affected.
• You can request to appeal with the manager of the IRS unit filing the levy by a telephone conference.

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

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