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704 Exemption
Must list property in Schedule A and disclose all the relevant
information regarding his interest or lack thereof. Debt goes in
Schedule D. He is not entitled to a homestead exemption on the
property, but his mother is entitled to hers on her portion of the
property. (Her exemptions have nothing to do with his listed in
Schedule C.) No guarantee though that the trustee will accept that he
has no interest in the property.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
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On Wed 9/06/10 4:16 PM , Robert Vitt robertvitt@vittlawfirm.com
sent:
Client on title and loan to mother's home. Mom alone lives in home.
Client uses different address (on tax returns) and never claims any
tax benefits on taxes.
Home has just about $100k equity in it.
To protect home, I suppose:
1) Use 704 exemption
2) Officiously mention property on SOFA #14.
--
Robert S. Vitt
VITT LAW FIRM
3200 E. Guasti Road Ste 100
Ontario, CA 91761
909.275.7594 Office
909.275.7621 Facsimile
www.bankrutpcy-ie.com [1]
www.vittlawfirm.com [2]
Any tax advice contained in the body of this e-mail was not intended
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Links:
[1] http://www.bankrutpcy-ie.com
[2] http://www.vittlawfirm.com
[3] mailto:cdcbaa@yahoogroups.com?subject704 Exemption
[4]
The post was migrated from Yahoo.
Not protected under 704 if not his primary residence.
Shannon A. Doyle
Attorney at Law
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791-1600
Tel: (626) 646-2555
Fax: (626) 332-8644
www.blclaw.com
The post was migrated from Yahoo.
Client on title and loan to mother's home. Mom alone lives in home. Client
uses different address (on tax returns) and never claims any tax benefits on
taxes.
Home has just about $100k equity in it.
To protect home, I suppose:
1) Use 704 exemption
2) Officiously mention property on SOFA #14.
Robert S. Vitt
VITT LAW FIRM
3200 E. Guasti Road Ste 100
Ontario, CA 91761
909.275.7594 Office
909.275.7621 Facsimile
www.bankrutpcy-ie.com
www.vittlawfirm.com
Any tax advice contained in the body of this e-mail was not intended or
written to be used, and cannot be used, by the recipient for the purpose of
avoiding penalties that may be imposed under the Internal Revenue Code or
applicable state or local tax law provisions.
Privileged And Confidential Communication.
This electronic transmission, and any documents attached hereto, (a) are
protected by the Electronic Communications Privacy Act (18 USC
2510-2521), (b) may contain confidential and/or legally privileged
information, and (c) are for the sole use of the intended recipient named
above. If you have received this electronic message in error, please notify
the sender and delete the electronic message. Any disclosure, copying,
distribution, or use of the contents of the information received in error is
strictly prohibited.
Client on title and loan to mother's home. Mom alone lives in home. Client uses different address (on tax returns) and never claims any tax benefits on taxes.
Home has just about $100k equity in it.
To protect home, I suppose:
1) Use 704 exemption2) Officiously mention property on SOFA #14.
-- Robert S. VittVITT LAW FIRM3200 E. Guasti Road Ste 100Ontario, CA 91761909.275.7594 Office909.275.7621 Facsimilewww.bankrutpcy-ie.com
www.vittlawfirm.comAny tax advice contained in the body of this e-mail was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.
Privileged And Confidential Communication.This electronic transmission, and any documents attached hereto, (a) are protected by the Electronic Communications Privacy Act (18 USC 2510-2521), (b) may contain confidential and/or legally privileged information, and (c) are for the sole use of the intended recipient named above. If you have received this electronic message in error, please notify the sender and delete the electronic message. Any disclosure, copying, distribution, or use of the contents of the information received in error is strictly prohibited.
The post was migrated from Yahoo.