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Exemptions for joint tenants on real property
So being registered D/P creates a community property interest, and then
they'd only get one exemption for the entire property?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
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On 1/6/2010 6:49 PM, Mark T.Jessee wrote:
>
>
> And also assuming the property is not community property of registerd
> domestic partners.
>
> 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
>
> NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED
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> *On Wed 6/01/10 6:47 PM , Mark T.Jessee mjessee@jesseelaw.com sent:
> *
>
> Yes, assuming it is their personal residence.
>
> 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
>
> *On Wed 6/01/10 6:15 PM , "Mark J. Markus" bklawr@yahoo.com sent:
> *
>
> It's late in the day and my mind is fuzzy, so just want to
> confirm:
>
> If two joint tenants on real property are NOT married (e.g.
> domestic
> partners), they EACH get the automatic homestead available under
> California law for their portion of the equity, correct?
>
> In other words, if
>
> FMV=$600,000
> Liens=$400,000
> Costs of Sale = $48,000
> ________________________
> Total Equity= $152,000
>
> Equity available for each jt. tenant = $76,000
> Homestead exemption available for each jt. tenant = $75,000
>
> So, $1,000 available for a Trustee if one of them files
> Chapter 7, right?
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> This Firm is a Qualified Federal Debt Relief Agency (see what
> this means at
> http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/
> )
> ________________________________________________
> NOTICE: This Electronic Message contains information from the
> law office of Mark J. Markus that may be privileged. The
> information is intended for the use of the addressee only. If
> you are not the addressee, note that any disclosure, copy,
> distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with
> requirements imposed by the IRS, we inform you that any U.S.
> tax advice contained in this communication (or in any
> attachment) is not intended or written to be used, and cannot
> be used, for the purpose of (i) avoiding penalties under the
> Internal Revenue Code or (ii) promoting, marketing or
> recommending to another party any transaction or matter
> addressed in this communication.
>
>
>
>
The post was migrated from Yahoo.
And also assuming the property is not community property of registerd
domestic partners.
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
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED
RECIPIENT OF
THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED TO BE
PRIVILEGED BY
LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE,
DISSEMINATION,
DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED.
PLEASE NOTIFY
US IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE THIS
MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
On Wed 6/01/10 6:47 PM , Mark T.Jessee mjessee@jesseelaw.com sent:
Yes, assuming it is their personal residence.
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
On Wed 6/01/10 6:15 PM , "Mark J. Markus" bklawr@yahoo.com sent:
It's late in the day and my mind is fuzzy, so just want to confirm:
If two joint tenants on real property are NOT married (e.g. domestic
partners), they EACH get the automatic homestead available under
California law for their portion of the equity, correct?
In other words, if
FMV$600,000
Liens$400,000
Costs of Sale $48,000
________________________
Total Equity $152,000
Equity available for each jt. tenant $76,000
Homestead exemption available for each jt. tenant $75,000
So, $1,000 available for a Trustee if one of them files Chapter 7,
right?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/ [1]
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.
Yes, assuming it is their personal residence.
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
On Wed 6/01/10 6:15 PM , "Mark J. Markus" bklawr@yahoo.com sent:
It's late in the day and my mind is fuzzy, so just want to confirm:
If two joint tenants on real property are NOT married (e.g. domestic
partners), they EACH get the automatic homestead available under
California law for their portion of the equity, correct?
In other words, if
FMV$600,000
Liens$400,000
Costs of Sale $48,000
________________________
Total Equity $152,000
Equity available for each jt. tenant $76,000
Homestead exemption available for each jt. tenant $75,000
So, $1,000 available for a Trustee if one of them files Chapter 7,
right?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/ [1]
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.
Generally correct. However, if they are Registered Domestic Partners, then
California community property laws apply, no?
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The post was migrated from Yahoo.
It's late in the day and my mind is fuzzy, so just want to confirm:
If two joint tenants on real property are NOT married (e.g. domestic
partners), they EACH get the automatic homestead available under
California law for their portion of the equity, correct?
In other words, if
FMV=$600,000
Liens=$400,000
Costs of Sale = $48,000
________________________
Total Equity= $152,000
Equity available for each jt. tenant = $76,000
Homestead exemption available for each jt. tenant = $75,000
So, $1,000 available for a Trustee if one of them files Chapter 7, right?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
The post was migrated from Yahoo.