If you’ve been following along in our blog series, you’re starting to see why the government is such a great source for seized and surplus assets. It has numerous agencies, some of which have been empowered to seize or confiscate an individual’s property for breaking the law, and others that spend billions of dollars on assets, which they themselves use and must eventually dispose of. The agency that we will be discussing here today falls into the first category, and it is notorious for seizing people’s assets for failure to do one simple thing, and that’s pay their taxes. Let’s start by talking about the broader U.S. Department of the Treasury, which includes the IRS.
What is the U.S. Department of the Treasury?
The Department of the Treasury was established in 1789 to manage government revenue. The Treasury prints and mints all paper currency and coins in circulation. It also collects all federal taxes through the Internal Revenue Service, and manages the government’s debt.
Where does the Department of the Treasury get stuff it auctions off?
There’s a reason why accountants frequently dispense the advice “Don’t mess with the IRS.” The first major source of assets for the treasury department is the IRS, which has the power to seize anything a person owns of value for failing to pay their taxes. This includes houses, jewelry, cars, boats, planes, and businesses. Not only can the IRS take your property, but you can also face fines and imprisonment for failing to pay or fraudulently reporting on your taxes. Despite this, countless people fail to pay their taxes every year and the IRS is able to seize millions of dollars in assets.
The second major source of assets for the Treasury Department is from people who violate federal laws such as counterfeiting. Property acquired with these illegal funds is also confiscated and auctioned off to the public.
How are Treasury Auctions Conducted?
Treasury auctions are somewhat different from other auctions we have discussed in that some of them are conducted through a sealed-bid auction rather than a public auction. In this type of auction all bidders simultaneously submit sealed bids to the auctioneer, so that no bidder knows how much the other auction participants have bid. The highest bidder is declared the winner. In a public auction bidders verbally call out their bids, and the auction ends when no one is willing to pay more than the highest bid.
What you need to know?
- Each year approximately 300 auctions are conducted throughout the United States and Puerto Rico to sell seized/forfeited property.
- There is a 180-day redemption period for seized assets, during which the tax offender can pay their taxes and have the property returned to them. Thus, if you are the winner of the auction, you will have to wait 180 days before the property will be transferred over to you. Furthermore, the owner, his heirs, or any person that has an interest in the property (such as a lien-holder) can come forward and pay the taxes, penalty, and interest owed.
- While you are waiting out the 180-day redemption period you will receive an interest of 20% annually on your money, so even if they tax offender pays up, it’s a WIN for you.
- The IRS only accepts Cash or Certified funds at their auctions. You can bring a combination of both since you do not know what the final price will be. For example if you think a car will sell for around $7,000, you can bring a certified check for $5,000 and and $2,500 in cash, just in case.
Start looking for Seized stuff from the United States Department of the Treasury by activating your free trial account right now!
Next up on the auction block is this lovely piece of property located in Little Egg Harbor, New Jersey. It’s being sold by the IRS and will be available for live bid on February 26th, 2014. This beautiful direct waterfront single family home is in excellent condition and has absolutely no damage from Hurricane Sandy. It’s also completely winterized and ready to withstand even the harshest weather conditions. Inside of the home you’ll find 3 bedrooms, 2 bathrooms, an eat in kitchen, living room area, laundry room, single car garage, and much more. The outside of the home includes a side entry way to the second floor deck, a chain fence enclosure, and spacious rear deck with backyard. Bidding for this home will start at just $60,000 so be sure to click here now if you’d like to learn more about this seized IRS property auction!
Going up for live auction on February 20th, 2014 in San Antonio, Texas is this lot consisting of everything you need to start your own embroidery business! This auction is being held by the IRS and the included items in the sale are quite literally hundreds of items. Some of the highlights of the sale include 4 embroidery machines, various office supplies and furniture, hundreds of sports jerseys, miscellaneous electronics, and much much more! A full listing of the inventory can be viewed on the IRS website. It is also strongly recommended that you attend the open house that will be taking place the day before the live auction. If you want to learn more about this upcoming seized property auction and how to attend it, then all you have to do is click here in order to activate your 3 day free trial account.
You may or may not know this but government auctions, specifically IRS auctions, are very popular with coin collectors. Why? Because often times, you’re able to walk away with incredibly precious coins and bullion at hugely discounted prices. This next IRS auction is a perfect example of that. The sale will take place on January 10th, 2014 and will consist of the following rare collectibles: (4) one dollar liberty coins (1) 1897 (1) 1883 (1)1890 (1) 1876; (2) English half crowns (1) 1929 (1) 1934; (1) 1890 Coin; (1) 1963 Half Dollar; (3) Trinidad/Tobago One dollar coins; (4) One Dollar Coins (1)1886 (1) 1901 (1) 1880 (1)1883; (1) Half Struck Monnaie De Paris blank; and (2) Dollar Coins (1) 1921 (1) 1899; as well as numerous other collectible coins from the Franklin Mint and Royal Mint collections. As you can see this auction is perfect for the hardcore coin collector, so if you’d like to learn more about it, simply click here to begin your 3 day free trial account.
Check out this next auction deal for these three trucks and one forklift that will be available for live auction on December 11th, 2013 in Shawness, Kansas. These items will be auctioned off individually all on the same day. You’ll have 3 trucks to choose from: a 2005 Kenworth Construct W900 Wrecker (658,572 miles; 27,854 hours), 2001 Ford Sterling M6500 Wrecker (323989 miles), a 1998 International 8100 Wrecker (417,611 miles; 15951 hours), and a Miller Industries Forklift, model DTU. The Kenworth truck has a sleeper studio with cab, fridge, pull down bed, sun roof, and CAT 475HP engine. The Ford has an 8,000 winch capacity as well as a Mercedes Benz Engine. Want to learn even more about these trucks and how much they’re going to be auctioned off for? If you do, then simply click here to begin your 3 day free trial account.
Take a peek at this next auction being sold by the Internal Revenue Service for a single family property located in Rockmart, GA. This 2,756 square foot home (1,422 of which are heated heated) was originally built back in 2007 and is situated on a 1.18 acre lot of land. Inside of this spacious home you’ll find 3 bedrooms, 2 bathrooms, eat in kitchen, dining room, living room, laundry room area, 3 car garage and front and rear porch. This property will be going up for live auction on November 21st, 2013 in Dallas, GA, and the starting bid will be at just $23,500. The winning bidder of the auction will be required to put down a 20% deposit for the home upon successfully winning the auction. If you’d like to learn more about this upcoming live seized IRS auction then be sure to click here now in order to activate your 3 day free trial account.