Four Seriously Strange Items Seized by the IRS
Tuesday, March 22, 2016
Americans, on the whole, are a thrifty bunch. When it comes to taxes and tax refunds, we tend to err on the side of caution and invest our gains into something sensible for our families and ourselves. In fact, many money sources say the top five things Americans will do with our refunds are:
- Pay down personal debts
- Put the money into a savings account
- Finance a fun vacation
- Buy something big for the house/apartment
- Splurge on fun items
But there have been times when the IRS giveth and taketh away.
Here are four of the most outrageous items every seized by the IRS due to back taxes:
Auction Items: The IRS is into “Hollywood.” In 2016, the IRS confiscated an entire collection from a debtor – including the jacket from the movie “The Crow,” platform boots from KISS guitarist Ace Frehley, and other memorabilia, and sold it to the tune of $72,000 to the highest bidders.
Parking Spaces: One Boston couple purchased private parking spaces 20 years ago for $50,000. In 2013, they went for $280,000 each! Then, the IRS stepped in and confiscated them both to cover $600,000 in back taxes! And you thought garage parking in the city was expensive!
Buggatti Veyron: Anyone who knows cars will tell you, Buggatti is as good as it gets. Well the IRS must have someone watching the fast lane, as they seized the $1.7 million dollar vehicle from a Ponzi schemer in 2013. They let it go for only about $860,000 – half of what it’s worth!
Children’s Tax Refunds: Even if you are deceased, and you still owe taxes, the IRS will come after your next of kin to get it, like they did for almost $1.9 billion in the first quarter of 2014.
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