Can the IRS take my used car I bought ?
So I owe about $3700 from an independent contractor job( at the Time I didn't know ) but now I am just a stay at home mom and once this pandemic calms down , I am going to look for a job . A little awhile ago I did receive a letter stating they can seize any property from me if I dont pay ..I dont owe anything else or have anything valuable . We are buying an used car , that's worth roughly $6500 . Will the IRS be noted when I get my name on it ? Can they take it away from me ? Should I get someone else's name on it ?
Thanks , everyone but I already made a payment plan but I haven't been able to work to pay it ..
We are paying cash for the car by the way
- Christin KLv 74 weeks ago
The IRS doesn't want your car. If you pay cash, then you OWN it. They can't seize it, and won't. When they say they will seize property--they mean that--property. House, land, stocks/bonds/assets. Not cars. A $6500 car is not an asset.
- EvaLv 74 weeks ago
Don't ignore the letters. If you got the "intent to levy" letter, you've ignored them far too long. You need to call the collections department and explain your situation to them. They may require you to file a Form 433 to explain your financial situation. It's highly unlikely they would take your car, especially if it's financed. They will however, seize any bank accounts you have and can garnish your wages. They don't like to be ignored. They are more than willing to work out a payment agreement with you, which you should have done months ago.
- STEVEN FLv 74 weeks ago
The IRS can seize nearly anything, right down to your lunch which you are in the process of eating. They are the only collection agency the can ISSUE a court order.
Update to comment: YES, the tax court, which is part of the IRS does issue court orders.
Update to comments: If you don't think the tax court is part of the IRS, you are misinformed.
- okiknowitLv 74 weeks ago
Yes. But if you call IRS and ask for a payment plan, they will take your income into account, and you might even qualify for an "offer in compromise" which allows them to write off the amount you cannot afford to pay.
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- ScottLv 74 weeks ago
Concealing assets is a crime by itself. Work out a payment plan with the IRS - don't ignore them. Go find a job. Even if you're paying only $50 a month to the IRS, they will leave you alone.
- DevorealLv 64 weeks ago
What you do is...before you go car shopping, you go on line and download form #9465 from the IRS website.
Fill it out and mail it in.
Then the IRS will put you on a payment plan and you will have between 18 months to 3 years to pay off the 3,700 tax bill.
And they will be unable to seize your property or garnish your wages unless you skip a payment.
Put the car in your name.
- Max HooplaLv 74 weeks ago
It could but considering what the potential recovery would be and the costs of sale it won't bother.
- A HunchLv 74 weeks ago
Yes, the IRS can SEIZE your property including a used car.
Why the F would you put the car in someone else' name= that means you are buying THEM a car and they can take it from you whenever they want.
Since you don't have a job, you aren't going to get a car loan. So you either have $6500 in cash or you aren't buying a car.
If you have $6500 in cash, USE IT to pay the IRS. The IRS IS NOT GOING TO GO AWAY. The longer you don't pay the more you owe.