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Thread: pros and cons with "homesteading"

  1. #1
    lucky
    Can any one tell me the pros/ and cons in regaurds to finance /liability/ taxes ?
    I have recieved some internet articals about it , but they are kind of genaral I recollect Some issues as why you don't want to homestead , but I Can't recollect exsactly what they where

  2. #2
    Sleek-Jet
    I thought the only place left you could homestead was Alaska??? And I thought you actually have to reside on the land??

  3. #3
    Mandelon
    I think that you do this to protect your home in case of foreclosure or bankruptcy.

  4. #4
    Sleek-Jet
    I think that you do this to protect your home in case of foreclosure or bankruptcy.
    ahhh... so it's not a traditional homestead dealio then???

  5. #5
    cdog
    Nope in AZ you get a homestead exmp. of 150k.. I believe it's automatic as long as it's you're personal res. Rentals would be best held as an LLC.

  6. #6
    cdog
    Homestead will not cover goverment, Irs and tax's. Just unsecured debt like credit cards, getting sue'd and such.

  7. #7
    C-2
    In Cali it's automatic and $75K/$150K if over 65.
    Snake oil here in Cali.

  8. #8
    BajaMike
    In Florida I think they have an unlimited homestead exemption on your home. That's why a lot of entertainers and sports figures have there homes there.....also criminals, like OJ Simpson.

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