Legal Question in Bankruptcy in West Virginia
real property exemption taxable?
Received a check for a real property exemption of 14,900 for a chapter 11. Was wonding if that is considered taxable income. Any help greatly appreciated.
Asked on 7/12/06, 9:51 pm
1 Answer from Attorneys
Thomas Zimmerman
Zimmerman Law Office
Re: real property exemption taxable?
The exemption allowed by the United States Bankruptcy Code is the amount of equity that a debtor may retain in real estate free and clear from the claims of the trustee in bankruptcy. The amount is now $25,000 in West Virginia. The trustee is appointed to take over non-exempt property and sell it to pay creditors. Income taxes are paid upon earnings, dividends and interest. There will remain property taxes upon the value payable to the county.
Answered on 7/13/06, 8:25 am
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