Schedule C Chapter 7

[lxcole]

Ok i'm trying to fill out the schedule C and I live in CA. I know that CA doesnt allow for federal exemptions so first of i'm not sure which box to check. Also i'm wondering what exactly to put into the box labeled "CURRENT
VALUE OF PROPERTY WITHOUT DEDUCTING EXEMPTION." If anyone can help i'd appreciate it. Thanks!

[jennordhavn]

I used CA System 2 and I checked the second box on schedule C.

You would use the same amount for that column that you used in the exemption column UNLESS the amount of the exemption is less than what the property is worth. For example, if you are using the exemption for a car in CA system 2, which is $3,300, but your car is worth $5,000 you would list $3,300 in the exemption column, but $5,000 in the other column. If your car is only worth $2,000 you would list that in both columns. Does that make sense?

[lxcole]

oh ok well thanks for the reply, that makes more sense now. That was really the only thing I had trouble understanding in the whole pile of forms. So if I check the second box then instead of the first is there a different set of like code I would put in the box asking for what section of the law covers the exemption, or is it the same for either one? Thanks!