Can The Government Take My House Or Other Possessions?
Owing the government money for back taxes can destroy your life. As scary as that statement may sound, it is true. The government is allowed, by law, to collect owed taxes by any means available to them. This includes taking your personal possessions and property and auctioning them to the highest bidder. The government has the authority to garnish your income, seize your bank or investment accounts and force the sale of everything you own. It is critical to immediately begin negotiations with the government if you have been notified of a past tax bill.
Can The government Take My Investment Accounts To Pay For Back Taxes?
The government has the authority to take control of anything and everything you posses to pay your back taxes. This includes, but is not limited to, your investment accounts. If you receive a letter from the government stating that you owe taxes, depending on the amount, you should seek help immediately from a tax professional. Exorbitant interest rates and high penalties accumulate quickly on a tax debt. The sooner you address the problem, the sooner you can handle the debt.
What If I Can’t Afford To Pay Back What The government Wants- Will They Still Take My Stuff?
While it is awful to say, the government is not really concerned with your financial troubles. Hopefully, if you are able to make some type of payment, they will accept terms that you can afford. There is no guarantee on this and, in the long run, you still may have your possessions seized. If you are having troubles with the government consult a professional, they should be abler to assist you with the negotiations.