We have zero equity in our home. In fact, we're upside down. Do we still need to include the home as an exemption on Schedule C? The Nolo book is unclear on this issue.
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I would. When I filed in '01 with a lawyer, he put down cars and the house on schedule c with an exemption with $10 under "value of claimed exemption" even though we were upsidedown on both. This way, you are indicating that the house is completely exempt and you could save some problems down the road.
I did this again with a car when I filed last year.
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