Unlike the levy which involves intangible assets such as your
bank account, a seizure is the taking of physical assets, such
as your home or car. Seizures usually happen in aggravated cases
when someone ignores many requests by the IRS over a long period
of time to pay their outstanding taxes.
A Seizure should not be taken lightly. The IRS will ultimately
pursue seizure of your physical assets. Don't think they won't.
Many a newspaper or television show has reported citizens
being forced out of their homes after it was sold at an IRS
auction, often for as little as half its value.
When the IRS seizes your assets they want to quickly sell
them at auction. They often get less than half your assets
value, so they often seize everything you own including your
home, cars, boats, jewelry, motorcycles, insurance polices,
and even your retirement funds.
