How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Loren Your Own Question
Loren, Attorney
Category: Business Law
Satisfied Customers: 28514
Experience:  30 years experience representing clients .
Type Your Business Law Question Here...
Loren is online now
A new question is answered every 9 seconds

Can the IRS levy on real estate that I have under an LLC for

This answer was rated:

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.

Loren and other Business Law Specialists are ready to help you