We are going to be using Federal Exemptions due to the fact that we have no equity in our house. We have been told that will allow us to exempt our tax refund of $8400.
From what I understand, the way the homestead exemption works is that since we have no equity, we can exempt up to $10,125 of any property. Does "any property" also include any other money we can save up (such as the extra money every month we are now seeing since we stopped paying our CCs, or perhaps a cash gift from a relative)?
Thanks
From what I understand, the way the homestead exemption works is that since we have no equity, we can exempt up to $10,125 of any property. Does "any property" also include any other money we can save up (such as the extra money every month we are now seeing since we stopped paying our CCs, or perhaps a cash gift from a relative)?
Thanks
Comment