I always thought the homestead exemption referred only to exemptions on dwellings. However I was listening to a lawyer on the radio last night and he said if you used the Federal exemption list you can exempt up to $7500 in real OR personal property plus $800 as a wildcard for a total of $8300. In other words, a renter could use the same homestead exemption as a homeowner. Needless to say it sounds a little fishy to me. Anyone else know anything about the homestead exemption? Cynthia <---still wondering why California has TWO exemption lists
Topazmoon, A renter can't use the homestead exemption since they don't pay real estate taxes on the property and do not insure it. What the lawyer is referring to by saying real or personal property is personal real estate or an item of personal property that one can reside in/on, like a boat. The IRS allows a boat to be counted as a residence or second mortgage for tax purposes. Hope this helps. Dani
cynthia, this is the kind of thing that you really should ask a lawyer about. I vaguely remember the exact thing you were saying as I was worried I had too much equity in my car (it's been a while so I could be remembering wrong) But you should make absolutely sure the schedules are filled out properly...you dont want to show up at the meeting of creditors and have something filled out wrong.
