| We recently (my husband and I) had a tax levy put on our joint checking account. What happens, from what I understand, is a tax levy is a one time hit. Whatever is in your account will be handed over to the IRS within 21 days, unless you contact the IRS and work something out with them. If the IRS wants to get more hostile with you, they will then garnish your wages. I am not sure the percentage of how much they can take. I'm sure it's as much as they want! The IRS works your income and monthly expenses into the equation to see how much to leave you with in your paycheck. A tax lien, I believe, is on property. If the car or house is in your name, they can legally put a lien on it, which means you cannot sell your house until you pay the dollar amount in question. I've heard they don't like to sieze houses because they are trying to improve their image. This is just info I have gotten off the internet because when it happened to us, I did all the research I could on it. Also, you might want to check out the statutue of limitations on how long they can legally come after you. Hope this helps!
Last edited by happyme; 07-10-2003 at 09:46 AM.
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