We are mulling over homesteading our home/property. BAC can probably confirm but I believe we have a homeowners exemption here of $7500. It should be paid off the end of August when Patti retires. Are there any tax benefits that go with a homestead.
In the event of a catastrophic health issue it exempts them from taking everything you have. IS that correct? I thought I have heard that the irs does not play by those rules. Are there any special advantages?
Thanks.
"Legal" question: california homesteading query.....
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RickRund
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"Legal" question: california homesteading query.....
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SonomaCat
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Re: "Legal" question: california homesteading query.....
I'm not sure I'm familiar with what you are talking about. The only thing in that same ballpark I have heard of is a homestead exemption in the event that one goes bankrupt, where they are not allowed to take your primary residence. I'm not sure if that is a state-by-state thing or if that changed with the federal bankruptcy reforms a few years back.