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I am looking into the possibility of Homesteading my property. I am in Oregon but interested to hear from anyone in any state. have you seen any advantage to claiming the homestead exemption?
I don't understand your question. I have owned houses in 4 different states and there was always a homestead exemption when you lived in the house. A landlord couldn't claim it. As the above poster said, you get a tax break.
I don't understand your question. I have owned houses in 4 different states and there was always a homestead exemption when you lived in the house. A landlord couldn't claim it. As the above poster said, you get a tax break.
The OP may be entitled to one (I'm not familiar with Oregon law), but as a general statement, that needs to be qualified by noting that it depends on the state. In Nevada, for example, there is no tax break or reduction for homesteading your house. The benefit comes in having your equity (up to $550k) protected from general creditor claims or other judgments against you.
Update...Just found out that Oregon does not offer a tax break with their Homestead exemption. Up to $40,000 is exempt from creditors and the whole Homestead exemption is automatic once you purchase real estate.
Update...Just found out that Oregon does not offer a tax break with their Homestead exemption. Up to $40,000 is exempt from creditors and the whole Homestead exemption is automatic once you purchase real estate.
I was just going to point you toward that information.
Update...Just found out that Oregon does not offer a tax break with their Homestead exemption. Up to $40,000 is exempt from creditors and the whole Homestead exemption is automatic once you purchase real estate.
Maybe that little piece of information will serve as a lesson to others as well as to the first two responders to your OP who replied that you would be entitled to a tax break. Just because something is true in one's own home city or state, that doesn't mean that it's true everywhere else in the country.
In my town, you simply fill out 1 sheet of paper and they add it to the computer once a year and its good as long as you own the property. No need to renew.
Maybe that little piece of information will serve as a lesson to others as well as to the first two responders to your OP who replied that you would be entitled to a tax break. Just because something is true in one's own home city or state, that doesn't mean that it's true everywhere else in the country.
I don't believe I said it was true everywhere, I said it was true in the 4 states I've lived in and it does give a tax break there. How did that become the whole country?
I don't understand your question. I have owned houses in 4 different states and there was always a homestead exemption when you lived in the house. A landlord couldn't claim it. As the above poster said, you get a tax break.
Quote:
Originally Posted by MadManofBethesda
Maybe that little piece of information will serve as a lesson to others as well as to the first two responders to your OP who replied that you would be entitled to a tax break. Just because something is true in one's own home city or state, that doesn't mean that it's true everywhere else in the country.
Quote:
Originally Posted by SouthernBelleInUtah
I don't believe I said it was true everywhere, I said it was true in the 4 states I've lived in and it does give a tax break there. How did that become the whole country?
Read the highlighted portion of what you wrote and then read what I wrote. I never claimed that you said it was true everywhere. However, you did write that the OP would get a tax break. As it turns out, that was completely false.
Now look again once more at what you wrote and how I replied: I stated that you and the other responder informed the OP that he would be entitled to a tax break. And that's exactly what you did! So I don't know why you're taking issue with my post.
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