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 assets. There have been many newspaper articles and televisions shows that 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. As a result, they usually do not receive full value. Quite often, they receive less than half your assets value. To make certain they receive everything they believe they are owed they often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance policies and even your retirement funds.
