I recently sold some scuba equipment and got some pretty good money, but I am not sure if I should deposit it because I ow money to IRS, even do I have a monthly payment agreement with them, I'm still worried they may take my money away. Does anyone have true knowledge about this subject?
Are you current on the agreement? If so, no problem. Anytime your bank account will be seized, you will be given notice. Of course, by then you won't be able to take your money out unless it is to pay your taxes.
You are fine. Stop stressing and put the money in the bank. IRS is not going to touch it.
as long as you comply with the installment agreement you have in place, you should be safe
Yes, the IRS does have the power to get money from your bank account. It's called a bank levy, but that only happens after they've already sent you notices advising you of their intent to levy and you ignore those notices. Also, these notices are only sent if you owe them money and aren't already taking steps with them to resolve those unpaid taxes. Since you're already in an installment agreement with them and this was a one-time profit, you don't have to worry about the IRS taking your money from your bank account, so go ahead and deposit it. The IRS does have the ability to raise your monthly payments, but only if you show an increased ability to pay (like a new job with higher pay -- something steady and reliable like that, not a one-time sale) and even in that case, they would notify you of your new monthly payments, not just take it from your bank without warning.
If you are already in a payment agreement, and haven't been missing any payments, they probably won't take the money out of your bank account. If you start missing payments though, the IRS does have the authority to take money directly out of your account.
