Forgive me if this has been posted befor, but I couldn't find it in search.
Ohio allows for an aggregate $ 10,075 exemption for household items and a person's interest "not to exceed $525", in any one item.
Hunting and fishing equipment is indicated within the exemptions for household goods.
I have a 26' sailboat which I've tried to sell for $1200(with an outboard motor) last summer with no takers. I started out at $1700, went to $1500, then $1200. Had a fair number of people look at it, but pretty much all said they either don't want another sailboat, or they don't want a sailboat at all.
So I'll be listing the boat as a $1000 asset and I will not attempt to protect the outboard motor.
Now, in Ohio a person gets a $1,075 "wildcard" exemption also.
I want to protect my sailboat within Hunting and Fishing equipment(I do fish, have a fishing license and do fish from the sailboat), to the tune of $525, then bolster the exemption with $500 of my wildcard exemption.
Does this seem reasonable?
ALSO . . . on an aside, does anyone know that if an item that's worth $2000 is exempted to the tune of $500 . . . AND the trustee takes that item as an asset . . . Do I then recieve $500 per my allowed exemption?
Even if that item eventually only sells for . . . say, $300?
Thanks
Ohio allows for an aggregate $ 10,075 exemption for household items and a person's interest "not to exceed $525", in any one item.
Hunting and fishing equipment is indicated within the exemptions for household goods.
I have a 26' sailboat which I've tried to sell for $1200(with an outboard motor) last summer with no takers. I started out at $1700, went to $1500, then $1200. Had a fair number of people look at it, but pretty much all said they either don't want another sailboat, or they don't want a sailboat at all.
So I'll be listing the boat as a $1000 asset and I will not attempt to protect the outboard motor.
Now, in Ohio a person gets a $1,075 "wildcard" exemption also.
I want to protect my sailboat within Hunting and Fishing equipment(I do fish, have a fishing license and do fish from the sailboat), to the tune of $525, then bolster the exemption with $500 of my wildcard exemption.
Does this seem reasonable?
ALSO . . . on an aside, does anyone know that if an item that's worth $2000 is exempted to the tune of $500 . . . AND the trustee takes that item as an asset . . . Do I then recieve $500 per my allowed exemption?
Even if that item eventually only sells for . . . say, $300?
Thanks