ducksinarow
09-09-2005, 11:10 AM
I've been reading a little on here and am wondering about the tax refund talk.
We get back about 4,000.00 for income tax and we had hoped to use that money to do some much needed work on the house when January rolls around.
Will we get that money, or have to give it up to trustee?
StaciMM
09-09-2005, 11:43 AM
From what I can tell, TX allows you to use the TX exemptions or the federal exemptions. For TX I don't see anything about wildcards, cash, etc. so federal is probably the way to go. With the federal exemptions, you should be able to list your anticipated refund as an exempt asset.
Real property/homestead up to $17,450
Personal property up to $9,300 total, $425 per item
Jewelry to $1,150
Motor Vehicle to $2,775
Wild Card $925 of any property
$8,725 of unused homestead exemption
There are other odds & ends as well, but that is $30k+ in property per person. I think only a small % of people filing own that much! (And some categories, maybe even all, get doubled for filing jointly.)
I've been reading a little on here and am wondering about the tax refund talk.
We get back about 4,000.00 for income tax and we had hoped to use that money to do some much needed work on the house when January rolls around.
Will we get that money, or have to give it up to trustee?
suprdav2
09-09-2005, 12:53 PM
hey there fellow Texan. We haven't filed just yet, but our attorney stated that as long as the bankruptcy is filed and closed out BEFORE Jan 1, that you don't have to worry about declaring taxes, since you don't know how much you will be receiving. At least that's what we were told anyways.
I'm not in Texas (I'm in Florida), but I just asked my attorney that yesterday. He said that the trustee doesn't normally start to think about the tax return until after October. He said that if the trustee mentions it, then he would get 2/3 of it and we would get 1/3.
He looked up the trustee that we have and said that as of right now, he hasn't been asking for it.
