Filling out schedule C. Exemptions

[Geeznowwhat]

What is the manner for properly Filling out this schedule?

For example. I have a car. The law exempting is is 11USC 522(d)(2) Value of car is 5000. Exemption is 3,650

On the very next line can I put 11USC 552(d)(5) wild card for 1,350. ?


Then further down. Same jewelry is valued at 2,500. 11 USC 522(d)(4) exemption is 1,550.

Then again list on the very next line once again the wildcard for the difference...

And so forth until I have used up both the exemption and the wildcard ... That is...until the wildcard is exhausted or I run out of property?

What is the correct way to write this down when the value I want to exempt exceeds the specific exemption and the remainder is to be covered by the wildcard?

Thanks again for all you help.

Come to think of it....can I use the wildcard for multiple items...or must it be used only once for one thing only ? (Household OR car OR jewelry...etc)?

[Geeznowwhat]

I guess I didn't make that post very clear.

So...

Do it write everything on one line like this:

Car. 11USC 522(d)(2) ; 552(d)(5). 5000. 5000

Or

Car 11 USC 522(d)(2). 3675. 5000
11 USC 522(d)(5). 1325


Oops. Sorry the spaces to make the columns clear were removed when I posted.

Where 3675 is the limit of the exemption for car...and the rest is from the wild card (5).

[justbroke]

You don't need to write the amount, just the section of law which allows you to claim an exemption in the item. If it's easier for you to keep track of how much you used of a particular exemption, then I suppose you can write the amount as well. (I used a spread sheet to keep track. I did not submit a copy of my spreadsheet.)

[Geeznowwhat]

Which format is the correct one?

Do I list 11 USC 522(d)(5) in the next line down below each item that I am exempting (partially or wholly) with that wild card?

Or...do I lis it all on one line such as the first example?

Every example I see does not use two sections (2) and (5) for one item. So I have no guide here

Every example I have found always shows the amount of the exemption in the third column followed by the value of the item in the fourth column
I guess so that the trustee can just glance down the line to see if anything isn't fully covered?

[justbroke]

You can list them separated by commas. There's not really anything special other than listing the Exemption(s) which you are "claiming" against the property listed on Schedule C.

As for the amounts, Schedule C should have 4 columns. The last two columns are where the claimed exemption and property values are listed. I have never seen the claimed exemption amount listed in the "Specify Law Providing Each Exemption" so I was confused by what you wrote above. The amounts are listed in columns 3 and 4. The amount is not listed in the "Specify Law" section.

As for using multiple section of the law, we do that in Florida all the time. For example, for my homestead, I use both the Florida Constitutional amendment AND two section of Florida Statute and separated them by a semi-colon only...

Column 1
Real Property
LOT XX IN BLOCK X OF ANYTOWN SECTION
XXX, ACCORDING TO THE MAP OR PLAT
THEREOF AS RECORDED IN PLAT BOOK ...
FLORIDA

Column 2

Fla. Const. art. X, § 4(a)(1); Fla. Stat.
Ann. §§ 222.01 & 222.02

Column 3

$650,000

Column 4

$650,000