Also exempt if you are insolvent when the property goes back, also exempt if you declare bankruptcy. ...
and ...
CPAs even have trouble figuring this one out. ...
So - I think a CPA with some tax experience ought to know this, since you and I knew it. You do have to notify the IRS why you are claiming the exemption, and you may have to prove insolvency. You would think that letting your home go would be evidence enough of insolvency but that's too simple and logical for the real world.
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Today's Featured Article - Uncle Cecil's Super A Lives Again - by Mike Purcell. A week or so out of most of my childhood summers was often spent with my Uncle Cecil and Aunt Sissie in the small East Texas town of Maydelle on their 80 acre farm. Some of my fondest memories of these visits are those of learning to drive a tractor at the helm of Uncle Cecil�s 1948 Farmall Super A. Uncle Cecil was the second owner of this wonderful little tractor, but it was almost as though he had adopted an infant. The original owner was a man from Minnesota who bought her from a local dea
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For sale Farmall super A tractor is complete and has just been setting for awhile,it was running when pulled out of the barn,shouldn’t take to much to get it going asking 1100.00
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