The IRS can seize your DVC Property

[jcb]

I was following up on some recent litigation (involving Buena Vista Trading Company) and found a notice of auction from treasury.gov involving DVC property at Old Key West. http://www.treasury.gov/auctions/treasury/rp/disneyclub.shtml
The auction has long since closed. It shouldn't surprise me that, if you fail to pay your taxes, the IRS can seize your DVC membership and sell it off at auction. But I still found it interesting nonetheless.

What's also interesting is that even the treasury auction is subject to DVC's right of first refusal (which benefits DVC and the IRS).

 

[OKW Lover]

I guess I'm not surprised. It seems to me that the IRS can do anything it wants.

 

[techtony]

The IRS can seize anything of value I think.

If they could take your first born child, they would.

 

[murt22]

I guess you should just pay what you owe!

 

[lugnut33]

Did Disney get right of first refusal?

 

[Lewisc]

I was following up on some recent litigation (involving Buena Vista Trading Company) and found a notice of auction from treasury.gov involving DVC property at Old Key West. http://www.treasury.gov/auctions/treasury/rp/disneyclub.shtml
The auction has long since closed. It shouldn't surprise me that, if you fail to pay your taxes, the IRS can seize your DVC membership and sell it off at auction. But I still found it interesting nonetheless.

What's also interesting is that even the treasury auction is subject to DVC's right of first refusal (which benefits DVC and the IRS).

Did anyone think timeshare ownership wouldn't be subject to seizure by the IRS?

How does the right of first refusal benefit the IRS?

 

[BuzzBiteyear]

Did anyone think timeshare ownership wouldn't be subject to seizure by the IRS?

How does the right of first refusal benefit the IRS?

Definitely, the only things that are typically out of play are your primary home and one vehicle.

By potentially resulting in higher sales prices, which may mean a gain or higher gain on the sale, which would be subject to tax.

 

[techtony]

Definitely, the only things that are typically out of play are your primary home and one vehicle.

By potentially resulting in higher sales prices, which may mean a gain or higher gain on the sale, which would be subject to tax.

I thought the same, until my Uncle had his home seized by the IRS. They can take whatever they want to pay your tax bill. They must get a court order to do it, but the law is clear - to benefit from the tax system, you must pay into the tax system.....errr unless you are on welfare? LOL

 

[jeanigor]

The IRS can seize anything of value I think.

If they could take your first born child, they would.

As my mother's first born, I am glad they can't. But she's always paid her taxes in a timely manner so the point would be moot anyway.