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.