Taxes and 703/704 exemption
Posted: Fri Jan 29, 2010 8:50 pm
Don't think trustee can sell the loss in this market. Have to wonder what the trustee was thinking.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Jan 28, 2010, at 7:55 AM, "Matthew Gary Evans" wrote:
Central District of CA:
I need some help/advice with the following facts:
Clients have carryover net operating losses of $141,825 fed and $138,125 state. They will receive all of the federal and state withholding taxes that were withheld as refunds on the 2009 return. W is employed, H is not.
They claimed 704 exemptions based on equity in their home.
The carryover losses were included on the bk schedules and at the 341 meeting the trustee instructed them to provide a letter stating what their intent is with the carryover losses and to let him know if they will amend their exemptions accordingly.
I dont know what their best option is.
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy Attorneys Association, National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of Commerce
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Don't think trustee can sell the loss in this market. Have to wonder what the trustee was thinking.Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Jan 28, 2010, at 7:55 AM, "Matthew Gary Evans" <matthew@matthewgaryevanslaw.com> wrote:
Central
District of CA:
I
need some help/advice with the following facts:
Clients
have carryover net operating losses of $141,825 fed and $138,125 state. They
will receive all of the federal and state withholding taxes that were withheld
as refunds on the 2009 return. W is employed, H is not.
They
claimed 704 exemptions based on equity in their home.
The
carryover losses were included on the bk schedules and at the 341 meeting the
trustee instructed them to provide a letter stating what their intent is with
the carryover losses and to let him know if they will amend their exemptions
accordingly.
I
dont know what their best option is.
____________________________________
Law
Office of Matthew Gary Evans
Matthew
Gary Evans, Esq.
16
North Marengo Avenue, Room 219
Pasadena,
California 91101
Tel.:
(626) 405-9448
Fax:
(626) 768-7565
Cell:
(213) 842-6645
Email:
matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please
visit my blog at matthewevanslaw.wordpress.com
Member:
California State Bar, American Bar Association, Consumer Attorneys Association
of Los Angeles, Central District Consumer Bankruptcy Attorneys Association,
National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of
Commerce
NOTICE: This message is intended only for the individual named. If you are not
the named addressee please do not disseminate, print, or copy this e-mail.
Please notify the sender immediately by reply e-mail if you have received this
e-mail by mistake and delete this e-mail from your system. Thank you.
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