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Schedule C Listings - general or detailed?

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    Schedule C Listings - general or detailed?

    Everyone seems to advise using 'general' categories on Schedule B Personal Property... what about Schedule C Exempt Property... do i use the same general categories (on Sc B, I listed by room -- Bedrms-595, LR-550, Kit/Dr-470, etc.).... on schedule C, can I do that or do I have to itemize and give values of each, specifically for furnishings... i.e., couch, tv, bed, dresser, table, bookcase, desk.....

    #2
    Originally posted by clamp View Post
    Everyone seems to advise using 'general' categories on Schedule B Personal Property... what about Schedule C Exempt Property... do i use the same general categories (on Sc B, I listed by room -- Bedrms-595, LR-550, Kit/Dr-470, etc.).... on schedule C, can I do that or do I have to itemize and give values of each, specifically for furnishings... i.e., couch, tv, bed, dresser, table, bookcase, desk.....
    The items in Schedule B should match what's on Schedule C (exemptions).

    This makes it easy to cross-reference.

    As i wrote in a prior thread, use general categories like;
    • Household Goods
    • Miscellaneous Electronics
    • Miscellaneous Media
    • Etc.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      so far, that's what i've done.... but i've been looking at some filings and i've seen some where, on B they have generalized, but then on C it's more detailed. For example, on B it might say 'Household Goods and Furniture' - 3000... then on C, it says,

      HOUSEHOLD GOODS & FURNITURE - Couch (500) Bed (425) Refrigerator (300), etc.

      Comment


        #4
        Here's something else.... I have a vehicle which is used for business 80-90% of time and has been claimed and deprec. for business taxes...(sole prop)... i owe more than it's worth. My minor daughter also has vehicle (titled and reg in her name), worth about 2000. Our state exemption call allow one vehicle... can i exempt hers under that auto exemption... and then mine under the 'tools fo the trade, etc.' for my business.... for my business, it technically classified as 'heavy equipment' (large suv for hauling)... to save both mine and hers...

        Comment


          #5
          Originally posted by clamp View Post
          Here's something else.... I have a vehicle which is used for business 80-90% of time and has been claimed and deprec. for business taxes...(sole prop)... i owe more than it's worth. My minor daughter also has vehicle (titled and reg in her name), worth about 2000. Our state exemption call allow one vehicle... can i exempt hers under that auto exemption... and then mine under the 'tools fo the trade, etc.' for my business.... for my business, it technically classified as 'heavy equipment' (large suv for hauling)... to save both mine and hers...
          I believe you can do just that.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

          Comment


            #6
            Originally posted by clamp View Post
            Here's something else.... I have a vehicle which is used for business 80-90% of time and has been claimed and deprec. for business taxes...(sole prop)... i owe more than it's worth. My minor daughter also has vehicle (titled and reg in her name), worth about 2000. Our state exemption call allow one vehicle... can i exempt hers under that auto exemption... and then mine under the 'tools fo the trade, etc.' for my business.... for my business, it technically classified as 'heavy equipment' (large suv for hauling)... to save both mine and hers...
            Dont' worry (generally) about how other filings are done. So long as the Trustee can cross-reference things, you're fine!

            So long as you can show or defend the values... you're find with general categories.

            Trust me, the Trustee doesn't want to be reading bunches of text and itemizations. If they want to audit you, they will... and then you can provide all the detail they desire.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

            Comment

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