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Loren, Attorney
Category: Business Law
Satisfied Customers: 32566
Experience:  30 years experience representing clients .
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Can the IRS levy on real estate that I have under an LLC for

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Can the IRS levy on real estate that I have under an LLC for a personal tax liability? Note:
The personal tax liability to the IRS could result from a Short Sale of my personal residence which is not under an LLC. My LLC property is in Arizona.
The federal government does not recognize the single member LLC as a separate entity for tax purposes, so the IRS may be able to levy against LLC property
Customer: replied 6 years ago.
Is an LLC classed a business asset or a personal asset???
For tax purposes, the LLC is a "personal" asset. It may be sheltered from other creditors, but the IRS does not recognize a single member LLC as a separate tax entity. You do not file a separate tax return for the LLC.
Customer: replied 6 years ago.
Will filing for personal bankruptcy protect the LLC from an IRS levy?

No, IRS debts are not dischargeable in bankruptcy. You would need to work something out directly with the IRS, as there are avenues of appeal and settlement available for tax debt.

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