A levy is the legal seizure of an asset that you own or have interest in. This includes bank accounts, including individual, business, and institutional accounts. In addition to bank account levies, the IRS may seize other assets that you have interest in, whether it is held by you or by another party. This includes the seizure of properties like your home, cars, boats, or other vehicles. It also includes assets like your wages, rental income, life insurance value, commissions, retirement accounts, or dividends. The IRS may seize the cash value from accounts or seize and sell physical assets.