Is their a 25k 'wildcard' exemption in CA?

[LiveStrong]

How does that work?
I know my wife and I are entitled to a 75k exemption on the equity of my house but do we also get the 25k exemption? Can that be applied to the house as well?

[JRScott]

California has 2 systems of exemptions.

If you choose system 1 which has the 75k exemption for equity in a home there is no wildcard exemption.

If you choose system 2 you have a homestead exemption of 17425. The unused portion in system 2 can be used for any property though I do think you actually have to have a homestead to still get it. There is a wild card exemption of 925 dollars as well.

[LiveStrong]

California has 2 systems of exemptions.

If you choose system 1 which has the 75k exemption for equity in a home there is no wildcard exemption.

If you choose system 2 you have a homestead exemption of 17425. The unused portion in system 2 can be used for any property though I do think you actually have to have a homestead to still get it. There is a wild card exemption of 925 dollars as well.

Got it...thanks for the clarification

[JRScott]

You're welcome.

[jribe]

you don't need a homestead to use CA system two exemption: it's about 20,000 (and some change) plus a 1k wild card