Ex-wife and I co-own 3 cars-
mine is a 08 handicap van, regular non-handdicap equipped value is upside-down in relatio to what is owed, but as a handicap van, the extra conversion value gives about 15.5k equity based on the equivalent van selling at a dealer. [I got a state grant for about half of the original price since I am employed and needed a new van to remain so]
Hers is upside-down, was new in 08 and currently owe about 900 more than it is worth. - no problem there.
3rd is a car shared by two dependants. it has about 800 equity.
We both are filing, NOT married so filing separately. I filed first to stay a foreclosure sale, but she will also file shortly.
Since we each own 50% of each vehicle, do I need to exempt only my half of the equity? [schedule b asks for current value of DEBTORS INTEREST in the property, but sched-c asks for "value of the property"]
That would be about 7800 on my van, and only about 400 on the kids car. if so, then the 10,125 unused homestead + 1,075 fed wildcard + the 3,225 vehicle exemptions all will more than cover the two cars that have equity. Can you exempt additional cars if the combined equity is under the exemption? My other option is using MN exemptions: they allow 32k equity specifically for a handicap vehicle, but they are less generous in other areas [no wildcards] soo if it flies using fed rules, i'd have more flexibility.
another thought: part of the value of the van includes the built in ramp, controls etc... could these be exempted under "health aids: all" per the fed (d)(9)? When exempting using two different codes, do you list them both on schedule c, and split out the dollar value attributed to each?
While i am asking, would cash in checking accts be included under the 10,775 personal property category if there was enough room? my total inventory only came up to about 4k for belongings. I would need to split my main checking though between $525 as one personal item, and the rest under wildcard.
thank you for any comments/guidance!
mine is a 08 handicap van, regular non-handdicap equipped value is upside-down in relatio to what is owed, but as a handicap van, the extra conversion value gives about 15.5k equity based on the equivalent van selling at a dealer. [I got a state grant for about half of the original price since I am employed and needed a new van to remain so]
Hers is upside-down, was new in 08 and currently owe about 900 more than it is worth. - no problem there.
3rd is a car shared by two dependants. it has about 800 equity.
We both are filing, NOT married so filing separately. I filed first to stay a foreclosure sale, but she will also file shortly.
Since we each own 50% of each vehicle, do I need to exempt only my half of the equity? [schedule b asks for current value of DEBTORS INTEREST in the property, but sched-c asks for "value of the property"]
That would be about 7800 on my van, and only about 400 on the kids car. if so, then the 10,125 unused homestead + 1,075 fed wildcard + the 3,225 vehicle exemptions all will more than cover the two cars that have equity. Can you exempt additional cars if the combined equity is under the exemption? My other option is using MN exemptions: they allow 32k equity specifically for a handicap vehicle, but they are less generous in other areas [no wildcards] soo if it flies using fed rules, i'd have more flexibility.
another thought: part of the value of the van includes the built in ramp, controls etc... could these be exempted under "health aids: all" per the fed (d)(9)? When exempting using two different codes, do you list them both on schedule c, and split out the dollar value attributed to each?
While i am asking, would cash in checking accts be included under the 10,775 personal property category if there was enough room? my total inventory only came up to about 4k for belongings. I would need to split my main checking though between $525 as one personal item, and the rest under wildcard.
thank you for any comments/guidance!
Comment