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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2830
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Okay, one more time I want to exempt a future $ gift from

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Okay, one more time: I want to exempt a future $ gift from a relative, and exempt my future 2010 tax refund. On B: do I list them as "Coming, $ Amount Uncertain" (no estimated $ amount listed) and then on C give an estimated $ amount: OR - do I list them as "Coming, $ Amount Uncertain" AND list an estimated $ amount on both B and C?

I'm ALMOST done - believe me! Thanks.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions. Put your best estimate as to the value on B, and use as much of your exemption you have left on C, even if it is more than the value.

Customer:

So, even if it turns out to be more than my estimate on B, I can still exempt it on C of the value is more than what I listed on B?

Customer:

I can exempt more than what I listed on B because I will have extra to exempt.

Customer:

Should I still say "Coming - $ amount uncertain" on B?

Terry L. :

You should maximize your remaining exemption if it would go unused otherwise

Terry L. :

i would write "estimated gift"

Terry L. :

and the estimated amount

Customer:

Good... got it! I guess one more question I have: are monetary gifts of $3,000 considered "other income" on the Statement of Financial Affairs?

Terry L. :

if it is a regular thing, it would not hurt to list it on SOFA. Sure.

Customer:

I MAY not have any more questions for you... unless something goes wrong my with my petition. Thanks for ALL your patient help!

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