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  1. #1
    Join Date
    Mar 2008
    Posts
    1

    Default 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 "?
    Thanks.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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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