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Are There Negative Consequences To Declared Homestead in California

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  • 03-16-2008, 10:26 AM
    golf98
    Are There Negative Consequences To Declared Homestead in California
    Any negative consequences to declaring a homestead exemption in CA? (A protective move against possible difficulties down the road, not necessarily bankruptcy.) Could consequences include: Mortgage interest deduction not allowed on Schedule C, inability to put property in a revocable living trust, inability to sell property with a declared homestead, or any problems with probate later, etc? If no unwelcome results, why does CA have a form titled "Declaration of Abandonment of Declared Homestead "?
    :confused:Thanks.
  • 03-19-2008, 06:37 AM
    Mr. Knowitall
    Re: Are There Negative Consequences To Declared Homestead in California
    You can only have one homestead at a time.

    Read this.
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