Sentences with phrase «unused homestead exemption»
This federal law complicates the issue somewhat because it also allows you to apply as a wild card $ 10,825 of any unused homestead exemption amount to any other property you own.
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If you only use part of your homestead exemption, you can apply the unused part to any property up to $ 11,850.
Whereas the filing debtor in this illustration can claim the $ 27,871 for their homestead, they will be allowed under the federal exemption guidelines to use only $ 10,825 of the unused money for the second property.