Federal exemption question

[phigment]

Can a married couple combine their federal exemptions for a single item in order to exempt it? (e.g. if we each have an exemption of $425 on a single household item can we exempt an $800 item together?)

Also, are appliances that came with our home considered outside of our assets and excluded from having to be exempted? What if we replaced the washer/dryer since buying?

[Trixie007]

I think the federal exemption for household items is $525 per item up to a combined total of $10,775 per person - which can be doubled for marrieds to 21,550. So, if you have an 800 item, 275 will have to be exempted some other way, such as the wild card.

Appliances are also exempted under household items. I think it would be rare to have an appliance whose yard sale value exceeds the $525 allowed!

[phigment]

I think the federal exemption for household items is $525 per item up to a combined total of $10,775 per person - which can be doubled for marrieds to 21,550. So, if you have an 800 item, 275 will have to be exempted some other way, such as the wild card.

Appliances are also exempted under household items. I think it would be rare to have an appliance whose yard sale value exceeds the $525 allowed!

I appreciate your response but using the example above can my wife exempt the remaining $275 with her household exemption so we can use the wild card for other items?

I agree that none of my appliances are valued over $525 but if they came with the house do I even have to exempt them to keep them? I would assume they somehow fall under the mortgage lien, etc.?

[Trixie007]

The limit for a household item is $525. You can't double that. Appliances can be removed and sold separate from the house, and are typically listed in the purchase agreement as items that are "included" when you buy the house. In other words, they are "extras" that are thrown in to sweeten the pot and are not considered to be "part" of the house.

[StartingOver08]

Right, appliances are considered personal property. The house is considered real property. Anything not permanetly attached to the real estate (fixtures) is considered personal property.

[phigment]

Do I need to exempt minor childrens' toys and clothes? Does it matter who originally bought them or if they were a gift?

[StartingOver08]

Most people put toys in the household goods catagory. You do not have to be very detailed in your approach. Seach on this forum for household good valuations - usually the trustee is looking for a general inventory, not a line by line description of every item in your house.