Should I File Taxes

[susie111]

I Haven't File My 2007 Taxes Yet And Will Be Filing Next Week. I'm Expecting A Refund. I'm In Ca, And I Do Not Own A Home And Barely Have Any Assets At All. Here' S My Question.

Should I File An Extention And Present That To The Trustee (if He/she Ask For 2007 Tax Return). Or Should I File And List That On My Excemption?

Thanks

[lrprn]

How much refund are you expecting back? Especially if it's more than $1000, you could be better off waiting until you receive your refund, spending it down on normal living expenses, then filing.

This is a good question to ask your lawyer (if you have one).

[One Half Full]

I would say personally, it would be better to file and get it and spend it. If you give him an extension, they will just want the money (possibly).

[susie111]

Thanks for ya advice. However, couldn't I use my exemption towards the rebate? It's going to be like $5000.

[cbass1017]

It may be different in CA but I live in PA and I was allowed to keep my refund of around $4000. I recieved my refund between the time I filed and the discharge. I was quite suprised myself because I wasn't expecting to be able to keep the money!

[PaKettle]

The homestead exemption is around $20k in California so if you're not using it for a home or any other assets you wish to keep, all your attorney has to do is list your tax refund and exempt it. I'm not an attorney but this is what I understand.

Maybe I'm wrong but if you get it before you file it will count as income, so unless you're well under the median income by the amount of your refund, then do NOT file your taxes until after your 341.

The 341 usually gets scheduled for only 3-4 weeks after you file (here in S. Calif, anyway). So you could easily wait and file taxes after your 341. That way you will be able to keep it (via exemptions) and it will not count as income because you'll get it AFTER your 341. Ask your attorney to be sure, but I think this is correct.