When most people think about IRS garnishment they typically think about their wages being levied. Unfortunately, that’s only one of many things the IRS can garnish. Basically, they can levy just about any income or financial account or attach a lien to any physical or real property that they want to. Nothing you have is safe from the IRS unless you know how to protect yourself.

Most people are familiar with the fact that the government can garnish wages or salaries. A notice is sent to your employer and money is taken directly out of your paycheck. But that’s not the only way that the IRS can get your money. They can also take your commissions and, if you have a business, your accounts receivable. In addition to that, if you have rental property they can levy your rental income. The interest and dividends you might receive from bank accounts or brokerage accounts can be garnished too. In fact, just about any stream of income you have coming in can be levied.

But they might take more than just the interest and dividends.

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Tags: IRS Garnishment