Levies

An IRS levy is a legal seizure of your property to satisfy a tax debt. IRS levies are different from IRS Tax liens. An IRS tax lien is a claim used as security for the IRS tax debt, while an IRS levy actually takes the property to satisfy the IRS tax debt.

If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in. For instance,

• IRS could seize and sell property that you hold (such as your car, boat, or house), or
• IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).

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