Wednesday, December 15, 2010
Limitations of the seizure of the IRS
Seizure of the IRS, also called a levy is the seizure of assets for tax liability. The IRS has to take the right and sell personal property and collect accounts or dividends. There are limits to what can take the IRS. Cornell University law school, furniture, clothing, food, fuel, household, e-Mail undeliverable, personal effects SignificanceAccording weapons for personal use, cattle and poultry not $6.250 does value exceed, are exempt from seizure. Also excluded textbooks for school books and tools that exceed a company or a professional no does $3, 125. ConsiderationsUnemployment benefits, compensation of employees and the annuity or pension or railway railroad retirement Act the unemployment insurance act can be entered. Army, Navy, air and Coast Guard Medal of honor roll pensions are excluded. Child support for minor children and disability payments as veterans benefits and certain payment public support, such as income for the blind, elderly or disabled people are exempt.ExceptionsProperty or residence are used by the taxpayer or a resident or property owned by the taxpayer and someone else as a residence is optional if the fee exceeds $5,000. Pro wages, earnings or other income are excluded from entry.