Residence and Equity

[HOMEBODY]

One more question.

My main residence (my tenants are moving out this week) so I will use that as my primary residence.

The first loan is for $186,000 and I have an equity line of credit for $248,000.00

The house is worth about $400,000.00 do I still need to claim the exemption?

I am moving to this house because it might have just a few thousand dollars in equity - $25,000 at the most.

Thanks.

[justbroke]

Whether you have to claim the exemption is based on what State you live in! In Florida, for example, if you're keeping the home... and even without equity... you must claim the exemption provided by the Florida Constitution in Article X Section 4.