I am unsure about how to list my house in Sched A and C. If I do not subtract sales costs, then I have about 5K in equity. (Whoo hooo!) If I do, then the value is less than the loan--and then I get to leave the house off the Shced C entirely (right?) and can save that 5K for other exemptions.
Do Trustees prefer to deduct for sales costs on their own? I do not want to seem presumptuous by deducting the sales cost beforehand if that is something that is not normally done by filers.
Anyone else have this 'just on the cusp vis a vis equity' problem?
Do Trustees prefer to deduct for sales costs on their own? I do not want to seem presumptuous by deducting the sales cost beforehand if that is something that is not normally done by filers.
Anyone else have this 'just on the cusp vis a vis equity' problem?