What the IRS Can't Seize

Justin Timberlake would probably prefer that everyone forget about that time in 2003 when he was tricked on TV show "Punk'd" into thinking that his home was being seized, since a house is one of the first pieces of property the Treasury may repossess.

Thankfully, there are a number of assets that are exempt from seizure by the IRS:

• Unemployment, and certain pension and annuity, benefits
• Specific service-connected disability payments
• Workers compensation
• Limited public assistance payments
• Minimum weekly exempt income
• Assistance under the Job Training Partnership Act
• Income for court-ordered child support payments
• Schoolbooks and clothing
• Undelivered mail
• Certain amounts worth of fuel
• Provisions
• Furniture and personal effects for a household
• Designated amounts worth of books and tools for trade, business, or professions

The IRS also notes that it actually can't seize property unless it expects the net proceeds to help pay off a person's tax debt. But that's where the exemptions end. The biggest components of a person's livelihood, like their earnings, bank account and property, are all fair game for IRS seizure after failure to pay taxes. The lesson? File your taxes honestly and on time, and don't hesitate to seek help if you're in financial trouble and unable to pay them. The agency encourages calling 1-800-829-1040, visiting a local IRS office to speak with a representative in person, or visiting www.irs.gov.

Read more at //www.philly.com/philly/business/personal_finance/9_Bizarre_Items_Seized_by_the_IRS.html#IAIrxPrRC1cSYOu3.99