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Homestead Caveats Any sale proceeds up to $378,560* are exempt from creditor claims for up to 1 ½ years (18 months). Check with your state about monetary coverage, but in Montana, a Homestead Declaration protects up to $378,560* in home value against most creditors' claims.
The property must be a person's primary residence to be eligible for a homestead declaration, explained Marsha Goetting, MSU Extension family economics specialist. By signing and filing a homestead declaration, Montanans can protect their property up to $350,000 in value against a creditor's claims, she added.
BY SIGNING A LEGAL DOCUMENT KNOWN AS A homestead declaration, Montanans can protect up to $250,000 in value of a home against most creditors' claims. For example, if a person incurs an overwhelming gambling debt, up to $250,000 in value of his/her home would still be sheltered.
What Property Is Protected by the Montana Homestead Exemption? Montana has one of the more generous exemptions. You'll be able to protect up to $378,560 of equity in a residence, including your home, condominium, or any other dwelling and appurtenances.
For Montanans who turned 62 or older in 2021, the Elderly Homeowner/Renter Tax Credit can bring up to $1,000.
The IRS determination letter notifies a nonprofit organization that its application for federal tax exemption under Section 501(c)(3) has been approved. This is an exciting day for an emerging nonprofit! Having your IRS determination letter in hand affords your nonprofit organization several unique advantages.
A MTAB appeal can be made by filling out these form(s): Appeal to MTAB Form | Answer to MTAB Appeal Form. Reasons for appeal and value sought should be included in the form, as well as signature and affirmation that the appeal was sent to MTAB and a copy provided to the DOR.
Businesses in Montana will benefit from House Bill 212, which raises the business property tax exemption. For example, nonprofits that fulfill certain requirements are granted tax-exempt status by the IRS, preventing them from having to pay income tax.