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704 Question
Even if H files separately, the community gets the 100k exemption.
What is the tax basis in the property?
What will the costs of sale be?
What is the amount a bk trustee would charge to sell and distribute fees to
mortgage companies?
How much tax is due on the sale?
In other words you must determine if there is any realizable equity to
distribute to creditors. If no, you can file now. If there is realizable
equity, wait for 65th birthday.
d
On Thu, Dec 27, 2012 at 2:58 PM, andrewcho67 wrote:
> **
>
>
> H&W PCs own a home FMV $497,000 with a loan of $356,968.52; that's
> $140,031 of equity. H is 62 and W is 58. Under 704, can H file Ch 7
> individually and exempt half of the equity up to $75,000 as his community
> property interest? Or should they wait to file jointly when H turns 65?
>
>
>
Even if H files separately, the community gets the 100k exemption.What is the tax basis in the property?What will the costs of sale be?What is the amount a bk trustee would charge to sell and distribute fees to mortgage companies?
How much tax is due on the sale?In other words you must determine if there is any realizable equity to distribute to creditors. If no, you can file now. If there is realizable equity, wait for 65th birthday.
dOn Thu, Dec 27, 2012 at 2:58 PM, andrewcho67 <andrew@ascholaw.com> wrote:
H&W PCs own a home FMV $497,000 with a loan of $356,968.52; that's $140,031 of equity. H is 62 and W is 58. Under 704, can H file Ch 7 individually and exempt half of the equity up to $75,000 as his community property interest? Or should they wait to file jointly when H turns 65?
The post was migrated from Yahoo.
Isn't the exemption $100k for a married couple? Assuming that and that your fmv amount is accurate, after costs of sale of 7% there is at least 5k left on the table for aggressive trustee after selling the home.
Pat Green
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Sender: cdcbaa@yahoogroups.com
Date: Thu, 27 Dec 2012 22:58:45
To:
Reply-To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] 704 Question
H&W PCs own a home FMV $497,000 with a loan of $356,968.52; that's $140,031 of equity. H is 62 and W is 58. Under 704, can H file Ch 7 individually and exempt half of the equity up to $75,000 as his community property interest? Or should they wait to file jointly when H turns 65?
The post was migrated from Yahoo.
H&W PCs own a home FMV $497,000 with a loan of $356,968.52; that's $140,031 of equity. H is 62 and W is 58. Under 704, can H file Ch 7 individually and exempt half of the equity up to $75,000 as his community property interest? Or should they wait to file jointly when H turns 65?
The post was migrated from Yahoo.