Value of Claimed Exemption.......???

[bts]

I'm a bit confused on this and wanted to clarify.....in regards to schedule C

I'm going off of NOLO, which shows the same value in both the column for "value of claimed exemption" & "current value of property without deducting exemption", except for the example for the foreclosed house (which makes sense) and a trailor.

What determines a potential in those two columns would be?

[empowered]

What do I know, except my assumption was that the figures in the columns might differ if, for example, you chose not to exempt the entire value of any given item. Maybe it also opens the door to splitting the value of an item over two exemptions. Perhaps I'm way off-base though....

[tigergem]

Sometimes the exemption limit for a particular type of item is less than it's value, so the columns might differ. If the exemption allowance fully covers the value, the columns would be the same. I suppose it is possible that more than one exemption could be applied to one item. For example the wildcard, or excess unused homestead exemption that you are allowed to apply elsewhere. I didn't run into this scenario though.

[bts]

A lot of my exemptions fall under 703.14(b)(3) & 703.140(b)(5) for California and I don't get close to the limits set for the exemptions.......As I'm lookin at 'value of claimed exemption', I interept it as 'the amount being put towards the given exemption'.....and they want this listed incase you need to show one individual item that is exempted as two different exemptions. In other words, incase one exemption alone doesn't cover the value of that item, it will be listed twice, but with different exemptions and potentially different figured....Is this correct?

[tigergem]

No, I'm pretty sure you list each asset only once. You can put more than one exemption statute in there if you have to.

[bts]

hmmm, lol.....still confused then

let's say I have a tv(500) and a computer(300) and I'm going to put both under the wildcard exemp....which is 703.140(b)(5) in CA

would this be right.....
tv 703.140(b)(5) 500 500
comp 703.140(b)(5) 300 300

or would the 'value of claimed exemption' be the residual of the wildcard exemption? for example.....
tv 703.140(b)(5) 22,250 500
comp 703.140(b)(5) 21,950 300
(idk, the beginning homestead value off the top of my head, but I began with 22,750 as an example)

[tigergem]

You list the actual exempted value of the item. Not the amount of the exemption allowance.

[bts]

ok, kewl!......thought so, but I think Im trying to confuse myself! lol......thanks for clearing that up!

[tigergem]

ok, kewl!......thought so, but I think Im trying to confuse myself! lol......thanks for clearing that up!

Um. I was crowned queen of overthinking things here on this forum. Are you challenging my position?

[empowered]

bts, the Nolo book has an example of this and most other forms as they are filled out. It was useful to me since it made things more concrete.

Just a thought.

[bts]

Um. I was crowned queen of overthinking things here on this forum. Are you challenging my position?

lol, I'm coming for ur crown!!!! lol

bts, the Nolo book has an example of this and most other forms as they are filled out. It was useful to me since it made things more concrete.

Just a thought.

yeah, checked it out, but wanted to be sure....There were some small things which my local court didn't want me to do that NOLO said to do, so thought I'd double check on this.

[empowered]

Yeah, like punch holes in the original before taking it for filing. I nearly made that mistake until I checked the local court site to see whether to bring copies.

[bts]

yeah, my court didnt want any holes in the originals either