Firearm exemption in TX--2 or 4?

[JEM]

I did a search and read some old posts----and I'm still confused whether this is one of those exemptions that can be doubled in TX.

However, I read an old post that said it was 2 guns that could be exempt, even for a couple filing jointly.

"Technically" we have 5 guns. But one belongs to 9 yr old son---it was given to him last Christmas by my FIL. It was given to FIL by his grandpa and his only rule was that it would never be sold--and only handed down to family.

We have 2 personal protection guns.

And 2 guns that were given to dh by his dad when he was 16. More sentimental than anything.

If we can only keep 2, dh is NOT going to be happy. If we can keep 4--can we sell one of the non-sentimental guns and use the money for things like new shoes for the kids, new glasses for dh and ds---legit expenses.

[Feelbad]

http://www.txwb.uscourts.gov/opinions/opdf/07-50189-lmc_Tolbert%20S.%20Wilkinson%20M.D.%20and%20Suzanne%20T.%20Wilkinson_2009-04-14%2023;05;11.pdf

Based on this link to a TX case in 2009 it appears that 2 is the limit even if you are filing jointly. It's a long document but it is a case where a married couple tried to claim more than 2 by declaring additional guns as a historical collection, and another case where they were declared as sporting equipment. In both cases they were limited to 2.

I have been led to believe that you can give the trustee the cash value of extra firearms you want to keep.

[JoeBankrupt33]

I read in another post that you have very little equity in your home. Because of this, you need to look at using the Federal exemptions. This includes a wild card that will cover any property. The wild card can be pretty large without home equity.

[AngelinaCatHub]

http://www.txwb.uscourts.gov/opinion...2023;05;11.pdf

Based on this link to a TX case in 2009 it appears that 2 is the limit even if you are filing jointly. It's a long document but it is a case where a married couple tried to claim more than 2 by declaring additional guns as a historical collection, and another case where they were declared as sporting equipment. In both cases they were limited to 2.

I have been led to believe that you can give the trustee the cash value of extra firearms you want to keep.

Yes, 'feelbad' is correct. Appraise those guns as just guns and not antiques. Appraise them as if you purchased them at a yard sale. Be fair though and not outrageous. I had several guns and I bought them back from Trustee. It will make you an asset case though. It would be a very small asset case. In fact, perhaps you can use other unused exemptions as personal exemptions. 'Hub

[JEM]

Yes, 'feelbad' is correct. Appraise those guns as just guns and not antiques. Appraise them as if you purchased them at a yard sale. Be fair though and not outrageous. I had several guns and I bought them back from Trustee. It will make you an asset case though. It would be a very small asset case. In fact, perhaps you can use other unused exemptions as personal exemptions. 'Hub

How does becoming an asset case affect things? Is it a lot of extra scrutiny, and time?

What other unused exemptions could I apply to this? TX doesn't have a Wild Card. Homestead in unlimited, so I don't recall reading that you can apply any of the "unlimited" to anything else.

Personally property is $30K, and doubles for married couples (I think).

Could we apply any unused portion of THAT?

And is my son's gun part of our collection because he's a minor and minor's cannot technically "own" guns?

[JEM]

I read in another post that you have very little equity in your home. Because of this, you need to look at using the Federal exemptions. This includes a wild card that will cover any property. The wild card can be pretty large without home equity.

I'm a little nervous that the Federal exemptions would zing us on one of our auto values. Federal exemption is $3250 (IIRC) and we have a 2003 Dodge Caravan that is paid for. I think it listed at KBB for more than that.

[JoeBankrupt33]

You can use a portion of the wild card to cover the excess amount of vehicles. I can't imagine that it would be too much. Also, you are allowed to double the federal exemptions if you are married filing a joint petition.

[JEM]

You can use a portion of the wild card to cover the excess amount of vehicles. I can't imagine that it would be too much. Also, you are allowed to double the federal exemptions if you are married filing a joint petition.

Oh! Good to know! Federal is looking like a possibility! I don't think the van would be worth more than $5K, so we wouldn't be a TON over the exemption, and my husbands car is new--but we got a good deal, so we may have $1000 equity in that.

Also, isn't it just around $9K for personal property? So that would be $18K for couples filling jointly?

What about any unused homestead? Can that be applied to other areas as well?

My husband also gets a monthly VA disability amount---that is exempt under the federal exemptions correct?

Things like wages are still exempt too? Or do we have to stick with TX exemptions for that?

Oops, sorry for the bombardment of questions.

[JoeBankrupt33]

The unused homestead makes up most of the wild card. The base wild card amount is $1075, but you can use $10,125 of unused homestead as wild card. This is per person. This wild card would be used for firearms, wages, anticipated tax refunds, amounts in a checking/savings account, or ANYTHING else.

Disability benefits are exempt.