Indiana Schedule C: The Property You Claim as Exempt (individuals) is a form used by Indiana residents to list the property they are claiming as exempt from creditor claims. This form is used by individuals who are filing for bankruptcy, or who are in the process of debt negotiation. There are two types of Indiana Schedule C: The Property You Claim as Exempt (individuals): Chapter 7 and Chapter 13. In Chapter 7, the individual is allowed to claim a certain amount of their property as exempt from creditors. In Chapter 13, the individual is able to keep certain assets if they have a repayment plan to their creditors. The form allows the individual to list the property they are claiming as exempt from creditors. This includes items such as homestead, motor vehicle, household goods, and more. The form also allows individuals to list any additional assets they may have that are not listed on the form.
Indiana Schedule C: The Property You Claim as Exempt (individuals)
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FAQ
$14,000 is deducted from the assessed value of the property. Property owners must occupy as their principal place of residence. Adjusted gross income cannot exceed $30,000 when filing single, and combined household income cannot exceed $40,000.
Exemptions involve a certain type of property, or the property of a certain kind of taxpayer, which is not taxable. Application for exemption must be filed before April 1 of the assessment year with the county assessor.
To qualify as your dependent, a person must receive more than one-half of his/her support from you for the tax year and must have less than $1,000 gross income during the tax year (unless the person is your child and is under age 19 or under age 24 and a full-time student at least during 5 months of the tax year at a
You must be 60 or older and have not remarried. Own or have been paying on a recorded contract for at least one year. Live in the property as your primary residence.
You might be eligible for a deduction if you are paying property tax on your main home or have a mortgage on your property. Learn about these and other common deductions here.
The deduction equals $3,000, one-half of the assessed value of the property, or the balance of the mortgage or contract indebtedness as of the assessment date, whichever is least.
Individuals who are blind or disabled can lower their property tax bill with this deduction. You must own a home or be buying one on recorded contract to receive the deduction. The deduction lowers the assessed value of your property by $12,480 or the amount of your assessment, whichever is less.
WHAT MUST I FILE? The owner of the property must file State Form 9284 / Form 136 with the County Assessor. The owner must provide all information requested on the application and accompanying information sheet. There is no filing fee.