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Can I file a homestead exemption for previous years?
No, you cannot file a homestead exemption for previous years.
Can you file a homestead exemption for previous years?
No, you cannot file a homestead exemption for previous years.
Is there an one-time exemption from paying capital gain when selling a home?
There is no one-time exemption. But there is an exemption you can take as often as every two years. If you owned the house for two of the last five years and the house was your principle residence for two of the five years, there is a $250,000 exemption. If you file jointly and the house was also your spouse's principle residence for two of the previous five years, there is a $500,000 exemption. If you move for reasons beyond your control without meeting the time requirements, you may qualify for a reduced exemption.
If you want file bankruptcy on credit cards of a large amount could you lose your house to pay off creditors?
How a home is handled in bankruptcy depends on the type of BK filed, state or federal or a combination of the two. In chapter 7, all nonexempt assets are liquidated to pay creditors. The state or federal homestead exemption would apply in regards to the home. In a chapt. 13, debts are consolidated and a payment plan of 3-5 years is set up to repay creditors. And any secured debts are usually reaffirmed with the lender. You can refer to the bankruptcy statues of your state to ascertain if your home is protected by the homestead exemption amount.
What is the lifetime capital gain exemption on home sale?
The lifetime exemption was eliminated in 1997. There is currently a new exemption that allows you to exempt up to $250,000 in capital gains ($500,000 if married filing jointly) if certain conditions are met and can be used as often as every two years.
Can I file a homestead exemption for previous years?
No, you cannot file a homestead exemption for previous years.
Can you file a homestead exemption for previous years?
No, you cannot file a homestead exemption for previous years.
What documents are needed to apply for a Homestead Exemption with the Hillsborough County Property Appraiser?
Typically to apply with a homestead exemption, you will need your W2 forms for the past few years, your mortgage statements, a house assessment from an accredited appraiser and your identification documents.
What states have the homestead exemption?
AnswerWell, it depends on what you mean by homestead law. There were laws from 1862 until 1935 that allowed people to "homestead" ... move on to a piece of public domain property, and if they remained for 5 years and improved the property, the land was theirs. Land in Alaska has been opened to homesteading more recently than that, and more may be, but homesteading is generally not legel anymore. Back then, those homesteads, which the people gained by living there for 5 years, was exempted from any debts that they had previously incurred... meaning, they couldn't live on the land for 5 years, and then someone just take it away again for some debt they had owed previously. These laws may have evolved into current homestead laws which usually protect someone's home from creditors... usually not incuding mortgage creditors however... see the below site for some details and an incomplete list of states. This last article is not currently updated, and there is contradictory information in it... if you think that the law might apply to you, the best thing to do is to ask a lawyer who specializes in this field.
Is there an one-time exemption from paying capital gain when selling a home?
There is no one-time exemption. But there is an exemption you can take as often as every two years. If you owned the house for two of the last five years and the house was your principle residence for two of the five years, there is a $250,000 exemption. If you file jointly and the house was also your spouse's principle residence for two of the previous five years, there is a $500,000 exemption. If you move for reasons beyond your control without meeting the time requirements, you may qualify for a reduced exemption.
Can a person lose their home in New York if there is a 13000 lien on it and where can you find laws regarding this on the Internet?
Bankruptcy laws also apply to lawsuit judgments enforced as liens against real property. The homestead exemption for N.Y. is $10,000 (can be doubled for married homeowners)the exemption amount is designated above any liens or incumberances to the property. As of April 20. 2005 a new homestead exemption was inacted for those who have owned the property less than 3.3 years. That amount could be as much as $125,000. Please consult the link to this page or search www.bankruptcyaction.com/nyexemptions.html....Macky (macky83@juno.com)
If you want file bankruptcy on credit cards of a large amount could you lose your house to pay off creditors?
How a home is handled in bankruptcy depends on the type of BK filed, state or federal or a combination of the two. In chapter 7, all nonexempt assets are liquidated to pay creditors. The state or federal homestead exemption would apply in regards to the home. In a chapt. 13, debts are consolidated and a payment plan of 3-5 years is set up to repay creditors. And any secured debts are usually reaffirmed with the lender. You can refer to the bankruptcy statues of your state to ascertain if your home is protected by the homestead exemption amount.
What does full exemption mean in golf?
Based on performances from other tournaments or the performance of last years tournament you get in the tournament for that year for free or for a discount.
How can one get maximum exemption in marital home after divorce?
Generally, to qualify for the maximum exemption, you must have owned the home, lived in the home and considered it to be your primary residence in at least 2 of the previous 5 years. You have three years starting from the due date of your return in the year of the sale to decide whether or not to take this exclusion. This exemption can only be claimed once every two years, calculated from the date of the sale, unless the reason for selling a second home within a two-year period was because of health, change of employment or unforseen circumstances. In this instance, you may still be entitled to claim a reduced exemption.
Do you have to pay taxes on the sale of your home if you are over 55 years of age?
There are no special rules for home sales for people over 55. There used to be various special rules for seniors who sold their houses and for ordinary people who sold their houses and bought new houses. They were all repealed in 1997 and replaced with a single exemption for everyone of any age: If the house you sold was your main home for two of the five previous years and you owned the house for two of the previous five years, the first $250,000 of profits (capital gains) is exempt from tax. If you file jointly and the house was also the main home of your spouse for two of the previous five years, the exemption increases from $250,000 to $500,000. A reduced exemption may be available if you lived in and owned the house for a shorter period of time but were forced to move due to circumstance beyond your control. There is a two year waiting period after you claim the exemption before you can claim it again. You do not have to be any special age and you do not have to buy a new house. You can do anything you want with the proceeds of the sale.
If a player wins more than one tournament a year how many years exemption does he get and if he wins any in his years of exemption what happens?
A PGA Tour player earns a 2 year exemption for winning a regular event, and a 5 year exemption if they win a major. If they win again during that time, the clock is simply reset.
What best characterizes the homestead act?
The homestead act lasted over one hundred years
