who used federal exemptions instead of state exemptions???

[StrawberrySu]

What about contributing to a exempt IRA?

Well I think I already have to have that in place, and I don't

[IHateChase]

In NJ they would also prefer you live in a box, so I imagine most of us here go with Fed.

[relieef]

I filed Federal because I own a mobile home on leased land which is not considered a homestead exemption under the state exemption unless you own the land that the mobile is sitting on .

[StrawberrySu]

Relieef, that ain't fittin, it just ain't fittin! Were you able to use the Federal homestead exemption, or just use it as a wildcard?

[JEM]

We used Federal vs. state because the exemptions fit better for what we needed to exempt. LOL

We don't have a lot of equity in our house. (Not underwater, but currently owe just under what it could sell for) Therefore, the generous homestead exemption that TX had didn't really benefit us. We didn't need to exempt much for our vehicles. The federal with the wildcard and unused homestead were more beneficial because we had a tax refund that we wanted to exempt.

[Lalalink]

One great thing to know is that if you haven't lived in your state for 2 years prior to filing, then you have to use the exemption rules from your old state. BUT and this a big but (no not that kind,) many states don't let you use their exemptions if you are no longer a resident or a domicilary (ie. live there). Then you are "forced" into using federal exemptions. That was our situation and it was beneficial.

Bingo! We didn't realize this was our situation until our attorney advised us. We have not lived in our current state for more than 2 years and can no longer use our prior state's exemptions. We are forced into the federal exemptions also.