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Purchasing Through an IRS Auction

Irs Auctions

IRS auctions take place more often than most realize. Under the governmental authority of the Internal Revenue Service, they have the right to seize certain items of individuals who have failed to make their payments on the IRS taxes.

All items that the IRS acquires are done so without any payment. These items are then sold at IRS auctions to raise the money that the original owner could not afford to pay to the IRS from their taxes.

IRS auctions are now normally done through the internet. A person can view locations and items that are up for auction and bid on them. Generally the most popular items in IRS auctions are houses, automobiles, commercial property, stocks, liquor licenses, medical equipment, and real estate.

The government does not provide any form of financing to the bidders of an IRS auction. There is no guaranty or warranty on any item purchased through an IRS auction, and everything being sold is sold as is.

Anything purchased through IRS auctions must be paid for in the form of cash, certified check, cashier’s check or a treasurer’s check. In most cases, IRS auctions will accept mail in bids as long as the person submitting the bid has obtained a copy of the Notice of Sale and is aware and agrees with the instructions and limitations.

After a bid I made, and a person wins the IRS auctions they generally have up to 180 days after approval to redeem the purchase. Unlike other auctions, the IRS auctions do not charge a buy a premium at the sale, nor do they add one.

NEXT: A Brief Guide To External Auditing

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