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Income for Homestead
Goldman v. Salisbury (In re Goldman), 70 F.3d 1028 (Ninth Circuit, 1995).
> "The plain, ordinary meaning of "annual income" is income over a calendar
year."
Thus, if you file a case in February 2010, the case can be held for the next
10 months to wait and see whether debtor's income goes over. It's not the
last 12 months.
Hale
_____
The post was migrated from Yahoo.
There is a Ninth Cir decision that bases it on annual income -- the last
full year, not the 12 months before filing.
However, with the $25k increase effective 1/1/10, she will get $75,000,
subtract costs of sale (8%) and there might not be much left,
There is a Ninth Cir decision that bases it on annual income -- the last
full year, not the 12 months before filing.
However, with the $25k increase effective 1/1/10, she will get $75,000,
subtract costs of sale (8%) and there might not be much left,
The post was migrated from Yahoo.
PC age 57 has approximately $108,000 of equity in her home. PCs spouse
died in Dec 2009. Her income for last year is from part time work and she
is currently still working part time. With her present income she apply the
larger exemption of 704.703(a)(3) (C). In 2009 the household income
included her husbands disability payments, which of course have stopped.
Am I correct to presume that the proof of income to establish her
eligibility for the $175,000 exemption is based upon her current pay?
Larry Webb
email Larry@Webbklaw.com
Law Office of Larry Webb
484 Mobil Ave. Suite 43
Camarillo California 93010
805 987 1400
Fax 805 987 2866
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PC age 57 has approximately $108,000 of equity in her home.
PC’s spouse died in Dec 2009. Her income for last year is from part time
work and she is currently still working part time. With her present income she
apply the larger exemption of 704.703(a)(3) (C). In 2009 the household income
included her husband’s disability payments, which of course have
stopped.
Am I correct to presume that the proof of income to
establish her eligibility for the $175,000 exemption is based upon her current
pay?
Larry Webb
email Larry@Webbklaw.com
Law Office of Larry Webb
484 Mobil Ave. Suite 43
Camarillo California 93010
805 987 1400
Fax 805 987 2866
WARNING And Tax disclaimer
This E-mail is covered by the Electronic Communications Privacy Act, 18 U.S.C.
l
information and is intended only for the use of the individual or entity named
above. If the reader of this message is not the intended recipient, you are
hereby notified that any dissemination, distribution or copying of this
communication is strictly prohibited. It is for the use of the named addressees
and may not be disclosed to anyone else without the express consent of the
originator. If you have received it in error you must not use, disclose,copy,
or rely on its contents and should destroy it immediately. If you need any
further information, please contact the originator of this message.
IRS Circular 230 Disclaimer: To ensure compliance with IRS Circular 230, any
U.S. federal tax advice provided in this communication is not intended or
written to be used, and it cannot be used by the recipient or any other
taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on
the recipient or any other taxpayer, or (ii) in promoting, marketing or
recommending to another party a partnership or other entity, investment plan,
arrangement or other transaction addressed herein.
The post was migrated from Yahoo.